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/ EUROPE’S BUSINESS NEWSPAPER \\ \S) 

No. 29,278 ^ / Thursday March 22 1984 v-,;^ D 855 


After Brussels: so 
near and yet so 
very far. Page 18 


EUROPE'S BUSINESS NEWSPAPER 

Thursday March 22 1984 


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FT index breaches 
900 for first time 


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Leaden. equity maxfcets caattaaed 
thdr record-breaking 

run yestenixy . uiibougb the pace of 
; tte advance slackened. 

Bevivcd tLS. and domestic de- 
mand for selected issues teak the 
FT ‘ Industrial Ordinary index 
through (he 900 level for the first 
time. U dosed 28 up at 90L4, just 
over lb weeks ago the Index, the 
' barometer of 38 leading share 
prices, breached 800. 

Hawker Siddriey encountered 
H.S. demand and finished lOp tip at 
434a. US. buying also accounted for 

a nse of J4p to 632p ioICL 
Of the sectors, fife ins u ra nce s 
continued to recover from recently 
depressed levels. 


GENERAL 


U.S. halts 
Mid-East 
arms sale 


President Ronald Reagan has with- 
drawn a plan to sell advanced anti- 
aircraft missiles to Jordan and Saa- 
di Arabia, the White House said 
yesterday. 

The plan was opposed in Con- 
gress, by Israel and by U.S. Jewish 
groups. Page 4 

Reagan for China 

US. President Ronald Reagan's vis- 
it to China wiD run from April 28 to 
May i, China's Foreign Ministry 

Said: 

Minister abroad 

China's Foreign Minister Wu Xue- 
qian starts a tour this month that 
will take hint to. France, to meet Eu- 
ropean Community ministers, and 
to Yugoslavia, Romania. Austria, 
Kuwait and Tumiaa. . 

Ferry for Beirut 

A French, navy-chartered car forty 
was reported to have left for Beirut, 
raising speculation that it would 
evacuate the French troops in the 
multinational peacekeeping force. 
Uncertainty on Lebanon's future. 
Page 3 

Wefzman comeback 

Former Israeli defence Munster Ez- 
er Weizman, out of politics since his 
resignation in 1980, said he would 
stand in the forthcoming general 
election at the heed of a new party. 
Doubts over bid. Page 3 

Protest to U.S. 

The Soviet Union protested to the 
US. over a mine explosion that 
damaged a Soviet oil tanker off Ni- 
caragua's coast Page 4 . 

Collision at sea 

A US. aircraft carrier and a subma- 
rine, believed to be Soviet, collided 
in the Sea of Japan. The carrier re- 
ported no apparent damage. 

Fire at Unesco 

Fire swept through the Unesco 
headquarters in Paris bur nin g clas- 
sified archieves in what is suspect- 
ed to have been an arson attack. 

Quake Injured 100 

More than 100 people were hurt in 
the earthquake in Gasdi, Soviet Cen- 
tral Asia, on Monday night, accord- 
ing to reports reaching Moscow. 

Exit to Berlin 

A rising number of East Berliners 
and East Germans being given exit 
permits for the West are arriving in 
West Beilin. Pbge 2 

Koch challenge 

New York City Mayor Edward Koch 
dared the state liquor authority to 
enforce & long-ignored law and ar- 
rest him for taking his own drink to 

nan- licensed restaurants. 


PIONEER ELECTRONIC Japanese 
audio visual equipment maker, is to 
introduce a personal microcompu- 
ter at the end of next month. 
Page 22 

FOREIGN chambers of commerce 
in Britain are to press Chancellor 
Nigel Lawson to withdraw or modi- 
fy plans to abandon income tax ad- 
vantages for foreign workers in the. 
UK. 

ESSO UK’S net profits in 1883 were 
EtZflm ($603. 8m). more than three 
times the 1982 figure and the best 
result since 1979. Page 8 


CONTENTS 


laris presses for majority vote 


DAVID HOUSEGO IN PARIS AND JOHN WYUES IN BRUSSELS 


Gilt-edged securities were easier 
initially on worries about a farther 
possible increase in short-term US. 
interest rates and sterling's fall 
against the dollar. In (he absence of 
selling, ^notations closed a fraction 
harder on the day. Index-linked 
stocks recorded rises of K. 

The FT-Actuaries All-Share in- 
dex was also at a record. The index, 
measuring the share price move- 
ments of 745 shares, closed at 531, 
up (LS per eete-The FT-SE index, 
which measures (he 

minute-by-minute movement of 
100 shares, rose 7.4 to LL3Q.7. Re- 
port, Page 35. FT Share Informa- 
tion sereice. Pages 36,37. 


BUSINESS 

French 
go-ahead 
for DBS 


FRENCH Government will go 
ahead with its direct broadcasting 
by satellite (DBS) television project 
despite controversy over the sys- 
tem's future. Page 20 

DOLLAR closed higher in Loudon 
at DM 16475 (DM 2.6365). FFr 
8.1525 (FFr 8.1225). SwFr 2.176 
(SwFr 2.1 65) and Y228.75 (V225JJ). 
Its Bank of England trade-weighted 
index was 127.7 (1272). In New 
York it closed at DM 2JJ37, SwFr 
2.167, Y226JJ5 and FFr 8.0975. Page 

STERLING finished lower in Lon- 
don at SJL43, a fall of 75 points on 
the day, DM 3.7875 (DM 3.7925), FFr 
11.655 (FFr 1L675) and Y324.5 
(¥325). It was unchanged at SwFr 
1 115. Its Bank of England trade- 
weighted index was IHL5 (80.6). ft 
. New ■; York -it. 'dosed', at $1.4325. 

Page 41 . 

GOLD slipped S0.75 to S39225 in 
London. In Frankfurt It was $L5 
tower at S3915 and in Zurich it was 
SL5 off at $39225. In New York the 
Comex March settlement was 
53932(53942) Page 40 

WALL STREET: Dow Jones indus- 
trial average dosed 4J92 down at 
1470A5. Report, Page 31; foil share 
listings. Pages 33-34 

TOKYO: Nikkei Dow index lost 
6522 to 10,41368. The Stock Ex- 
change index shed 6.13 to 81625. 
Report, Pago 31; l eading share 
prices, other exchanges, Page 34 

JAPANESE agreement was reached 
on a timetable for selling shares in 
Nippon Telegraph and Telephone, 
the state-owned telephone compa- 
ny. Fhge 20 

BANCO ATL&NTICO, the biggest of 
the 20 banks of the Rumasa group, 
which the Spanish Government ex- 
propriated last year, is to be sold to 
an Arab-led consortium. Page 21 | 

SWEDEN'S metalworkers' union,, 
the biggest in the private sector, 
dashed government hopes of mod- 1 
erafe pay rises this year. Ffcg*20 

WEST GERMAN metal industry 
talks in two states broke down in a j 
bitter row over unton demands for a 
35-hour working week. ; 

OIL COMPANIES in West Ger- 
many lost DM 3 bn (SUbn) in refin- ! 
ing and distribution last year 
against a DM 52bn toss in 1962. , 


FRANCE is to press for decisions to 
be token within the European Com- 
munity by majority vote. The 
French Cabinet adopted that view 
yesterday in an effort to prevent 
Britain from blocking Com m un it y 
decisions in the wake of the failure 
of the Brussels summit 

France currently holds the pre- 
sidency of the European Council of 
Ministers. 

The weekly Cabinet meeting, 
over which President Francois Mit- 
terrand presided, also decided to 
encourage consultations between 
the six original member states or 
the Nine (excluding Britain) as a 
way of putting pressure on Mrs 
Margaret Thatcher, the British 
Prime Minister, over the budget is- 
sue. 

France's moves yesterday fol- 
lowed the French and Italian initia- 
tive on Tuesday night to withhold 


the budget rebate of 750m Euro- 
pean currency units (5822 m) due to 
Britain for 19B3. 

M Gaston Thorn, President of the 
European Commission, also said 
yesterday that he thought majority 
voting would have to be used to 
push through on urgently needed 
package of price cuts and produc- 
tion curbs in the EEC forming sec- 
tor. 

As a mood of intense pessimism 
settled on Brussels yesterday, M 
Thom said in a public stocktaking 
that the situation was sufficiently 
dramatic to need no extravagant 
statements. “We are in a rather 
dangerous position," he added, 
choosing his words carefully. 

The Commission fears a long- 
term political deadlock, but its im- 
mediate anxiety is the EEC's grow- 
ing budgetary crisis caused by soar- 
ing farm spending. This is at least 


Ecu I-3bn above the allocated bud- 
get for 1984. 

M Thorn said the need was to se- 
cure final decisions from next Mon- 
day and Tuesday's meeting of agri- 
cultural ministers. Majority voting 
was last used to overcome British 
objections two years ago. 

The Commission was working on 
a compromise proposal to meet Ir- 
ish demands far exemption from 
the milk quotas provisionally 
agreed by the agricultural minis- 
ters last week, M Thom said. 

Emphasising the need for adop- 
tion of the quote system by April l. 
M Thom added, “We are in the mid- 
dle of the production year and if 
quotas are not brought in soon, we 
shall have tremendous surpluses 
next year.” 

Although no more money can be 
provided for agriculture through 
the Community budget because the 


legal ceiling to EEC 5 revenues has 
been reached, M Thom said the 
Commission would put proposals to 
the next summit in June for raising : 
emergency financing from member I 
states. 

Speaking after the French Cabi- 
net meeting yesterday M Max Gal- 
lo, the government spokesman, said 1 
there was no question of accepting 
demands by Britain that called into 
question the spirit on which Europe 
had been built Nine out of the 10 
EEC states were agreed on this. 

His words reflected the bitterness 
within the Government that Mrs. 
Thatcher's aggressive tactics at 
Brussels had let slip the opportuni- 
ty of resolving Europe's disputes. 

In a television broadcast last 
night. President Mitterrand, how- 
ever, avoided any harsh recrimina- 

Condnued on Page 20 


BY MARGARET VAN HATTEM. POLITICAL CORRESPONDENT, IN LONDON 


THE UK Government is consider- 
ing withholding its EEC budget con- 
tributions until the other nine mem- 
bers of the Community agree to pay 
rebates due to the UK. 

That will be one of the options be- 
fore the Thatcher Cabinet this 
morning when it meets to consider 
what action Britain should take 
against its EEC partners after the 
breakdown of negotiations in Brus- 
sels on Tuesday night. 

The Government would hold its' 
contributions in a reserve fund sim- 
ilar to that provided for in the EEC 
budget, known as Chapter 100, in 
which Britain's budget rebates are 
currently locked. 

It is argued that in putting its 
payments in a reserve, Britain 
would be, acting no more. illegally 
than those countries blocking the 
rebates. Whether that argument 
would be upheld by the European 
Court is not dear, bat the calcula- 
tion is that, if it went to court, the 
case would be so complex and 
drawn-out that the EECs financial 
crisis would require a political solu- 
tion long before a legal derision was 
reached. 

The two main areas of discussion 
in Cabinet this morning will con- 
cern Britain's response to: 

• An EEC request for advance pay- 
ment of the UK's £100m (S144m) 
April contribution to the EEC bud- 
get 

• The decision by France and Italy 
to block the £450m rebate due to 
Britain for 1983. 


European comment on Mrs 
Thatcher, Britain’s Prime 
Minister, after the failure of 
the Brussels summits 
Sig Giulio Andreotti, Italian For- 
eign Minister: That buly be- 
haves like a landlady with a 
defaulting tenant She is im- 
placable.’' 

Mr Andreas Papandreou, Greek 
Prime Minister: “A realty ad- 
mirable lady"; fori her Com- 
munity partners "would accept 
British withdrawal with re- 
lief." 

Sig Bettino Craxi, Italian Prime 
Minister : "Margaret Thatcher 
carries the entire responsibili- 
ty for the summit fafinre... 
she managed to argue with ey- 
eiyotw about everything.”- 
EkstraMadetrOtyenifogen: The 
stubborn dd cow was offered 
enough to make most people 
shot up. But not Mrs Thatcher, 
who now plans to withhold her 
country’s membership fee." 

In a Commons sta tem ent yester- 
day Prime Minister Mrs Margaret 
Thatcher expressed her outrage 
and anger at the Franco-Italian ac- 
tion. and indicated that the Cabinet 
would consider whether Britain 
should start withholding its budget 
contributions. 

She said: “I do not think (me can 
go on as if nothing had happened. 
Those refunds should have come to 
Britain. They were agreed some 



Mrs Thatcher; under 
fire after further 
EEC summit failure 

nine months ago, and I think it is 
most reprehensible on the part of 
the Community that they did not 
come here." 

Mrs Thatcher went on to make 
dear that she considered the part 
played by President Mitterrand of 
France as President of the Council 
of Ministers, in seeking a more eq- 
uitable system of financing the 
Community, to have been "most 
helpful." 


IBM forms venture GKN bid 
with Merrill Lynch for AE 


BY PAUL TAYLOR IN NEW YORK 


IBM, the world’s largest computer 
manufacturer, has fanned a new 
joint venture company with Merrill 
Lynch, the leading UA financial 
services company to provide a fi- 
nancial information system and a 
wide range of office autom ati on ser- 
vices to business customers. 

The venture could eventually 
leal the two companies into direct 
competition with other existi n g fi- 
nancial information providers such 
as Reuter and Tolerate. 

The sew joint venture, repre- 
sents a further major push by IBM 
into the financial services industry. 
IBM is already a partner in Satel- 
lite Business Systems, a joint ven- 
ture satellite telecommunications 
group, with Aetna the UJS. insur- 
ance group and Communications 
Satellite, the US. satellite system 
company. 

ft the last two months IBM has 
also teamed up with British Tele- 
com to provide the main elements 
of Britain's controversial proposed 
cashless shopping system and last 
month announced plans for a joint 
venture with CBS and Sears Roe- 


buck to provide videotext services 
in the US. 

IBM »wd Merrill, which has itself 
been expanding its role in the provi- 
sion of finanriai information and its 
distribution, said the new joint ven- 
ture system would integrate market 
data services, enhanced communi- 
cations systems, software, mini- 
computers and desktop machines. 

ft New York yesterday the two 
companies showed a prototype of 
the system, which combined infer- ; 
mation from stock exchanges and 
news services with communications 
and office automation products 
news such as word processing - all 
linked to sophisticated, intelligent 
workstations. 

The joint venture will combine 
IBM personal computer-based 
workstations and host computers | 
with market data and financial ser- 
vices programmes provided by Mer- 1 
rill Lynch, and will market the sys- i 
tern to brokerage firms, commercial 
banks, savings institutions, money 
managers and the private clients of 
these companies. i 

Continued on Page 20 


for AE 
blocked 

By Ray Maughan In London ' 

THE BRITISH engineering group, 
Guest Keen and Nettlefelds, has 
been blocked in its attempt to take 
over AE, the UK vehicle compo- 
nents manufacturer. 

The Monopolies Commission has 
ruled against GKN’s attempt to 
build what GKN has described as "a 
single, strong, internationally com- 
petitive UK producer of engine 
parts.” 

The commission, which published ; 
its report on the proposed merger 
yesterday, said that the result 
would have been a loss of competi- 
tion in the UK supply of several en- 
gine parts which both companies | 
produce, expeciaUy bearings and 1 
cylinder liners. 

The commission found that the 
combined company would have had' 
a 94 per cent share of the bearings I 
market To the extent that j 
purchasers sought to restore 
competition by turning to imports, 
there would be a loss of UK share of 
Continued on Page 20 1 

Lex, Page 20 j 


Europe 2 

Companies 21 

America. 4 

Companies ....**.••* 21 

Overseas 3 

Companies ....... 22^23 

WorldTradfi ® 

Bri tain 8 

Companies 24-26 


Editorial comment . . 

Eurobonds 

Euro-OptiOttS 

Financial futures .. . 

Gold... 

Int Capital Markets 
Letters... 


Agrtcakare 40 

Appointments.- 12 

Appointments advertising . . . 

...13-17,27-30 

Arts ~ Reviews B 

- World Guide U 

C a nu nodides ........ .......... 40 

Crossword 38 

Cnrteodee. 41 


Lombard. 19 

Hf pnnypm wlt 20 

Market Monitors 31 

Men and Matters. W 

Muting » 

Money Martlets 41 

Raw materials.... * 

-London.. 31,35-37 

Technology JJ 

Unit Trusts.-.. 

Weather 29 


After Brussels: so near and 
yet so very far 18 

Economic Viewpoint: UK's 
spending paper 19 

India: frustration with the 
U.S. continues 3 

Airbus: U.S. protests arouse 
little sympathy 6 

Management: the potential 
of Teletext in advertising. 10 


Netherlands: casualties in 
the property market 21 

Montefibre: striding down a 
path to recovery 23 

Editorial comment: EEC 
summit; Lebanon 18 

Lex: UK markets; Turner & 
Newall; GKN; BICC 20 

Lombard: funding Britain's 
political parties — 19 


Pentagon steps 
up yetting of 
high-tech sales 

BY PAUL TAYLOR IN NEW YORK. NANCY DUNNE IN WASHINGTON 
AND LOUISE KEHOE IN SAN FRANCISCO 


UK may delay payments 
until EEC agrees rebate 


But her comment was interpreted 
as implying that the Cabinet may 
decide later today not to bring in 
legislation, due to be introduced in | 
the Commons next week, to enable I 
early payment of the £100m. That 
would be an unco-operative, rather 
than illegal, gesture, intended to 
demonstrate Britain’s readiness to 
adopt a tough attitude. 

However, the legally more doubt- 
ful question of withholding pay- 
ments will be debated at greater 
length in Cabinet, and a decision is 
not expected before next week. 

Ministers were yesterday taking 
soundings among Conservative 
members of parliament whose 
views will influence Cabinet discus- 
sion today. 

Initial reac t io n s suggest that Mrs 
Thatcher's indignation and fury are 
shared mainly by the party's com- 
mitted anti-EEC members. The 
committed Europeans support the 
views of Mr Edward Heath and Mr 
Francis Pym. both of whom strong- 
ly urged the Prime Minister not to 
be tempted into any illegal with- 
holding of payments. 

The less committed members, 
who form the majority, however, 
may well accept Government argu- 
ments that the legal position is not 
dear cut and that options for some 
form of withholding of payments, 
preferably legal, should be consid- 
ered. 

Background and reaction. 

Page 2; feature, editorial com- 
ment, Page 18 i 


PRESIDENT Ronald Reagan is un- 
derstood to have agreed to give the 
US. Defence Department an ex- 
panded role in the export licensing 
of high-technology products to non- 
Co mm uni si countries. 

The Defence Department already 
has an advisory role covering the 
export of high-tech products to 
Communist countries. 

Details of the President's decision 
remain confused. He is, however, 
known to have ruled in favour of. 
Mr Caspar Weinberger, the Defence 
Secretary, and against Mr Malcolm 
Baldnge, the Commerce Secretary. 

The Defence Department has 
been seeking the expanded role in 
export licensing because of mount- 
ing concern about the diversion of 
high-tech exports from non -Com- 
munist to Communist countries. 

The ruling was said to have been 
made in response to a memoran- 
dum sent to President Reagan by 
the Office of Management and the 
Budget and the National Security 
Council 

The secretaries of defence, com- 
merce and treasury were due to be 
briefed on the details of the Presi- 
dent's decision, designed to end 
feuding between the three depart- 
ments over control of export licen- 
sing ahead of further congressional 
discussion on the Export Adminis- 
tration Act 

The decision appears to support a 
Senate provision in the act which 
would give the Defence Department 
the advisory role it has been seek- 
ing while leaving primary respon- 
sibility for licensing with the Com- 
merce Department 


The President's decision to act in 
an executive capacity ahead of fur- 
ther congressional debate appears 
to be an attempt not only to resolve 
differences within the administra- 
tion itself, but also, as one Senate 
aide said yesterday "to forestall a 
legislative solution." 

The President has apparently set 
limits on the time taken by the Pen- 
tagon to review high-tech export li- 
censes, and Mr Richard Pearle. As- 
sistant Secretary of Defence, said 
yesterday that the review would be 
sonducted simultaneously with 
Commerce Department reviews. 

He said there would be no )i- 
rensing delays for “legitimate trade 
setween responsible firms" Mr 
Pearle said the Defence Depart- 
sent would review specific catego- 
ries of products for specific coun- 
tries where it seems that the tech- 
nology involved could have military 
applications. 

He added that he thought there 
had been u a consistent overreac- 
tion" in London to the Pentagon's 
desire to review such sales. 

Nevertheless industry represen- 
tatives have already begun to com- 
plain about delays in the processing 
of export license applications. Ac- 
cording to some industry leaders 
the Pentagon has already begun to 
review some applications and as a 
result, the time to approve applica- 
tions has increased considerably. 

For the past several months, they 
say, the Defence Department has 
been unofficially reviewing high- 
tech export licences for large com- 
puter equipment - a category they 
now expect to be extended. 


Republic-LTV steel 
merger is approved 

BY TERRY DODSWORTH IN NEW YORK 


THE U.S. Justice Department yes- 
terday announced its approval of a 
renegotiated merger deal between 
LTV Corporation and Republic 
Steel clearing the way for a ration- 
alisation of the domestic steel in- 
dustry. 

The agreement marks a triumph 
for Mr Paul McGrath, head of the 
department’s anti-trust division, 
who had come under heavy pres- 
sure from both the White House 
and the Commerce Department to 
allow the original SfiOOm merger 
terms. 


The compromise which has 
emerged from a month of discus- 
sions with LTV and Republic in- 
volves two significant changes from 
the initial contract- The two compa- 
nies are to divest Republic's 1.8m- 
ton carbon steel facility at Gadsden 
in Alabama, along with its stainless 
steel plant in Massillon, Ohio, 

' which represents all of its stainless 
capacity. 

President Ronald Reagan said in 
a highly unusual intervention earli- 

Continued on Page 20 


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2 


COLLAPSE OF THE EUROPEAN SUMMIT 



Mitterrand robbed of a much needed boost 


FitzGerald 


BY DAVID HOUSEGO IN PARIS 


THE FAILURE of the EEC sum- 
mit— -apart from its conse- 
quences for Europe — is a heavy 
blow for President Francois 
Mitterrand in domestic political 
terms. 

EEC reform and the prepara- 
tion of the 1985 French budget 
were the two issues which he 
had announced publicly to be 
his main priorities for the first 
half of the year. He has devoted 
immense time and energy to 
Europe in his role as President 
of the EEC Council. 

Nobody is blaming President 
Mitterrand for the summit 
failure but he badly needed a 
foreign policy success — as did 


former President Giscard 
d'Estalng at the low point of his 
popularity— to carry him 
through a difficult period of 
austerity and rising unemploy- 
ment at home. 

If the summit bad ended in 
agreement, M Mitterrand could 
have left last night on his state 
visit to the UJS., wearing the 
laurels of a united Europe. As 
it was he left a tired man for a 
gruelling eight-day visit 

He had crowded into yester- 
day's programme a cabinet 
meeting, talks with President 
Amin Gem ay el of the Lebanon 
and a television broadcast An 
immediate casualty of this huny 


was the abandonment by the 
cabinet of Its long-awaited dis- 
cussion on the restructuring of 
the steel industry, leaving 
volatile steelworkers with an- 
other week of indecision. 

Most French commentators 
have shared the Judgment of 
the Cabinet that Mrs Thatcher's 
demands were “ unacceptable.” 
This has been toned down in 
some cases by the remark that 
Britain had a point in emphasis- 
ing the need to control budget 
expenditure. 

Le Monde In an editorial said 
that the failure for Europe 
would have been " more 
serious” if Britain had been 


granted the concessi o ns she 
demanded. The paper argued 
the case for a ‘‘ multi-speed ” 
Europe in - which groups of 
states developed projects in 
common at their own pace. 

The harshest attack on Britain 
came from the French farmers* 
organisation the FNSEA which 
is holding its congress at Ver- 
sailles. M Francois Guillaume, 
its president, said that Britain 
had taken “temporary leave” 
of Europe and must accept the 
consequences. He accused 
Britain of being unabte since 
1979 to insert itself In an 
“ organised community.** 

In similar vein, M Alain 


Italy turns 
its guns 
on Thatcher 


By James Buxton In Rome 


forge common transport policy 


THE ITALIAN media yesterday 
took their cue from the robust 
comments on Mrs Margaret 
Thatcher by Sig Bettino Craxi, 
the Prime Minister and unani- 
mously blamed her for the 
failure of the Brussels sum- 
mit. 


BY PAUL CHECSERIGHT IN BRUSSELS 


'Thatcher torpedoes Europe” 
was yesterday's headline in the 
Rome daily, La Repubbllca. 


After the summit broke Up 
- Craxi 


on Tuesday night, Sig 
told reporters that Mrs That- 
cher “bears the entire respon- 
sibility for the failure of the 
European Council.” He spoke 
bitterly of her obstinacy and 
“rigidity'’ and when asked 
whether there could be another 
special summit to reconsider 
the issue, he said: “It's unlikely 
that having beaten their heads 
acainst a wall of obstinacy, the 
Nine will decide to pay homage 
to it." 

Italy took an unusually strong 
line against Britain over its 
budget contributions through- 
out the summit, insisting that 
the principle on which the bud- 
get is based should be retained. 

It was also the only country 
to -Join France in Interpreting 
last year's Stuttgart declaration 
as meaning that Britain could 
not receive its 1983 budget 
rebate unless all the other bud- 
get issues were cleared up— a 
point which made agreement 
even more difficult. Whereas 
France had always made clear 
that this was its interpretation 
of the Stuttgart declaration, 
Italy only showed its band last 
week, to the fury of the British 
Government 


TRANSPORT MINISTERS of 
the EEC today make the first 
attempt to agree on some of 
the new measures that the 
summit meeting considered 
“need to be adopted rapidly.” 

They will be concerned with 
easing frontier formalities in 
the wake of last month's truck 
blockades in France and Italy 
and with negotiations on a pack- 
age of road and rail liberalisa- 
tion measures as part of a 
renewed effort to forge a com- 
mon transport policy. 

The Council meeting should 
be shielded from the sourness 
which underlay the breakdown 
of the summit on the British 
budget question, diplomats said 
yesterday. 

Specialised Councils, but not 
agriculture, can be expected 
to continue their work as 
normal, but the atmosphere 
could change markedly, if the 
British Government decides at 
today’s cabinet meeting derided 
to withhold budeet contribu- 
tions to the EEC. 

This determined normality on 
the periphery of the central 
political argument partly re- 
flects the fact that the EEC 
leaders had only sparse discus- 
sion of the new industrial and 
commercial policies for 
“revitalising Europe.” as they 
put it in the unpublished draft 
communique. 

There was little dissension 
about the contents of the policy 
package which for the most part 
is based on work already 
started. 


In addition to a common 
transport policy there is also 
un undertaking to harmonise 
conditions of competition and 
to liberalise trade in services, 
particularly insurance and 
transport These are favoured 
topics of the UK. 

proposals for freeing the in- 
surance market have been 
blocked for years, although a 
chink appeared recently when 
West Germany dropped some of 
its reservations on a directive 
to permit more competition on 
the non-ilfe market 

A Commission proposal to en- 
courage greater competition 
among national airlines is being 
considered by Community capi- 
tals. while last year a scheme 
to permit free contacts by air 
between provincial cities came 
into force. 

Looking to the longer term, 
the summit agreed on the need 
to devote a greater proportion 
of resources to research and 
development. But the code of 
financial behaviour for RAD 
was laid down when the five- 
year information technology 
programme, Esprit, received an 
Ecus 750m (£435m) green light 
last month. Any new pro- 
grammes have to be financed 
within existing budget limita- 
tions — some Ecu 600m a year. 

Yesterday the European 
Parliament energy committee 
stated that Esprit should not be 
financed at the expense of 
other programmes. Research 
ministers, though, are discuss- 


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kl 


Juppe, the finance spokesman of 
the neo-Gaullit RPR, said that 
M Mitterrand had gone to the 
limit of acceptable concessions 
“ and perhaps even beyond " on 
the issues of milk production 
and agricultural prices. 

He said that if Britain did sot 
accept the discipline of the Com- 
munity in agricultural affairs, 
then a special status would have 
to be found for Britain which 
avoided decisions being blocked. 

Before the Brussels meeting 
M Jacques Chirac, the Mayor of 
Paris and the RPR leader, pro- 
posed a “ two-tier ” EEC and the 
withdrawal of Britain from the 
Common Agricultural Policy. 


faces 
fury from 
farmers 


take the most 


of limited advances 


By Our Dublin Correspondent 


MEANWHILE COMMUNITY WORK GOES ON 

Ministers renew their attempt to 


ing priorities precisely to allow 
this. * 

The summit, despite the bud- 
getary restrictions, called for 
outline programmes on telecom- 
munications and biotechnology 
by the end of June — a target 
date not considered practicable 
by diplomats. 

Ministers last autumn had a 
preliminary look at Commission 
ideas for telecommunications 
and set up an expert committee 
to include representatives from 
Industry, but this has not 
beeta reported. 

There has been one minis- 
terial discussion about biotech- 
nology which did not produce 
any suggestion of readiness 
immediately to adopt a research 
programme on the Esprit scale. 

Biotechnology lends Itself to a 
research programme more 
readily than telecommunications 
where the problems are less to 
do with technoloy and more to 
do with common standards and 
a fragmented market caused by 
highly nationalistic purchasing 
policies. 

The Commission yesterday 
had talks with the wider 28- 
nation Commission of European 
Posts and . Telecommunications 
Administrations on collaboration 
in dealing with these problems. 
* The summit itself demanded 
more generally harmonisation 
of standards and the opening up 
of public contracts in the Ten. 
Work on standards has been 
taking place for some time, 
while there Is already a code of 
public procurement 



Mr Papandreou: Europe of 
the people 


Papandreou 
wants UK 


to pull out 

By Andrians krodiacoooo In 
Athens 

THE GREEK Prime Minister, 
Mr Andreas Papandreou, 
accused Mrs Margaret 
Thatcher of leading the 
summit to failure for domestic 
political reasons. The Nine 
would be glad to see Britain 
quit the Community, he said. 

The Prime Minister warned that 
Greece could not afford to pay 
its share of the contributions 
for the rebate to Britain. “A 
small country such as ours 
eould not contribute the 
Ecu . ZOm-Ecu 30m (film- 
£17m) required.” he said. 

Mr Papandreou blamed what he 
caDed the “British-West Ger- 
man-French directorates” for 
failing to tackle the EEC’s 
problem effectively. 

The time had come, he said, to 
launch a new battle to create 
“a Europe of the people.” 


HUSH FARM leaders yester- 
day were furious with Dr 
Garrett FitzGerald, their 
Prime Minister, for accepting 
only a 5 per cent increase in 
Ireland’s milk production at 
the' Brussels summit before 
the collapse of the talks. 

Earlier the Irish had been 

ai ming an 8 per cent In- 
crease in annual milk output 
over the 1983 level. 

Mr .Sean Kelly. leader of 
the Creamery HHk Suppliers’ 
Association, said Dr Fitz- 
Gerald’s “tactical blunder” 
could not have been made . by 
anyone who ** bad to earn Us 
living at fairs and marts.” 

In the event, the proposal 

favoured by Dr FitzGerald 
was not acceptable to three 
other EEC member states but 
the farm leaders were angry 
at wbat they saw as a need- 
less decision by time Premier 
to show Us hand. 

Mr Dona! Cashman. presi- 
dent of the country’s- main 
faming organisation, the 
IF A, said he was amazed that 
the S per cent proposal had 
been put on the table- 
Ireland’s arguments for an 
increase in Its quota should 
have some consistency. 

On his return. Dr Fitz- 
Gerald said that the deal, 
which was blocked would 
have secured the future of 
the Irish dairy industry, but 
this was rejected out of hand 
by the farming organisations. 

Political reaction from the 
main opposition party, Ffamna 
Fail, was hardily critical of 
Dr FitzGerald, with the party 
saying it was "deeply 
disturbed” at the outcome of 
the European Council meet- 
ing and the Irish' Prime 
Minister's agreement to the 
5 per cent dairy increase. 

. Both Dr FitzGerald and 
Fianna Fail leader. Mr 
Charles Haugbey, were to 
make statements to the Dull 
late yesterday afternoon. Mr 
Haughey is expected to take 
the opportunity to attack Mrs 
Thatcher's role in the coDapOe 

Dr FitzGerald has so far 
avoided attacking the British 
Premier directly, saying 
instead that he would be pre- 
pared to take responsibility 
for tiie failure of the summit./ 
He old he would not budge 
until his dairy proposals are 
agreed by all members of tire 
EEC 


BY JAMES BUCHAN IN BONN . 


THE West . German gpverhmenf 
said yesterday that it would do 
its utmost to protect what was. 
gained -At the . European Com- 
munity summit in Brussels and 
that it would not slide -into 
“ resignation” because of Lthe; 
failure to solve key problems. •••;■ 
- Herr Hans-Dietrich Genscher,: 
the West German Foreign 
Minister, said that- in spite.- of ; 
the failure to reach agreement 
with the UK over a limit to: 
British contributions, -or With, 
Ireland over milk quotas, the > 
summit had . been “one of the 
more productive. European; 
Council meetings.” 1 . / '; 

Herr Genscher, who seemed' 
quite untouched by the exer- 
tions and .occasional acrimony 
of the summit, . said thait;Baint\ 
‘Would not. give way to “ stagna- 
tion or resignation ” in spite of 

the Community's 14 extremely 
difficult poskion.^ • s . .. 

Even before the' news con-' 
foresee yesterday morning. Herr 
Genscher -said he had - spoken 
to M . Cfaude ^aiCysson, ' 1he ; 
Foreign Minister of France 
which holds fhe EEC presidency.- 

Unlike some press commeht r 
-in West - Germany - yesterday 
morning, Herr .Genscher 
avoided criticising Mrs Thatcher 
by name and expressed; under-' 


standing-, for the Irish position 
as a. country heavily, dependent 
on dairy farmings. However- he 
echoed remarks^ by President 
Francois Mitterrand ; in 'stoggest- 
lagidg That -tiie summit bad 
broken, up over ? attitude” 
rather than figures:'”—^ view 
London rejects. •- 

~ He said that' he was .being 
restrained in - order cot ' to 
harden attitudes in. .fotL, - UK. 

He did claim, however, foal 
Tuesday .night ~ nine- ^member 
'.s^aifesi - had agreed- (hTa concept , 
for reducing;;. . the ; financial 
burded for the -teqjtit 4? and that 
ought, to make' toff- impression 
■ in. London.”.-' : ' j . ?• • '• ’ 

Bonn, told "es^redaHy the fn- 
defe tf gable Eferr GenscRetr are 
keen that : foe- dtiEertoass with 
the UK: should' 'wot T'CadaO- the 
progress, in agriculture and -.the 
emerging ;.agreement . on EEC - 
financing .to unrayeL. y^r; •- v 

- This'- -has ' apparently ^ more 

weight tffim jfoeore^ireal 'ex-', 
asperattonv'/ reflected the 

. press; at , Hro; ..Thatchers.: mai* . 
her, and the- feeling /that -Bonn 
had made considerable financial 
sacrifices in . its offer to fittitam, 
and in its agreement" with 
-France -over-- dismantling. . the 
system of border levies on-farm 
products e fatoWti -as monetary 1 

- compensatory amounts.- ■ -r- • > 




Ireland shares blame with 
Britain in Dutchopinioii 


BY WAITER BJJS W AMSTERDAM 




THE DUTCH Press Is united in 
its characterisation, of " Mrs 
Margaret Thatcher as the chief 
villian of the piece in Brussels. 

' "EEC summit collapses over 
dispute with’ Britain” was the 
headline hr De Trouw, a Con-, 
servative daily, and fevers J 
other newspapers- bore almoet- 
tbe same front-page message. 

Bat ladlesfnlof opprobrium 
were heaped, too, on the head : 
f Dr. Garret Fitzgerald, the Irish..; 
Premier, who is seen, according 
to one newspaper, of .having 
used up Ireland’s ^tore nf gobd- 
will by holding olid for exemp- 
tion from a dairy 'measure that, 
will hft the Netherlands, very 
hard indeed. ' • 


. .Dutch politicians bad not had 
time to. react to what took 
place in ‘Brussels and were 
awaiting a report from Mr Knud 
Lnbberi, the Prime Minister. 
Bd£:?!he-.mbffL immedia te ton- 
cerh wm be with the zt»84Zfann 
prices, while _ there is also a 
strategic * concern with _ the 
fnfure of .the Comimmity- 

Mr Luhbers is not iDcety to 
be blamed* for wliiat happened. 

Is .more or less all-party sup- 
port .for foe /middle - .course 
steered by Mr Lubbers at the 
summit." lattfo" fall-oat is; ex- 
pected ih connection with the 
Fktropean/‘ : eIectinnn.' :> - 




EUROPEAN NEWS.- : s*L 


■W- 


Clash may 
hit Polish 


reforms 


By Christopher Bobhwki 
in Warsaw 


THE OUTCOME of a current dash 
between Poland’s new trade unions 
and the Labour Ministry on proce- 
dures for negotiating wage agree- 
ments could have far-reaching im- 
plications for the fate of the Gov- 
ernment's decentralising economic 
reforms. 

The unions, set up when Solidari- 
ty was banned IS months ago and 
now claiming Um members, are 
demanding that wage agreements 
be negotiated in the traditional way 
- at the national level between the 
union and the ministry responsible 
for the relevant industry. 

Legislation passed in January 
has now, however, decentralised 
wage decisions down to the compa- 
ny level and the Labour Ministry is 
confidently insis ting that central in- 
dustrial ministries are no longer 
empowered to negotiate agree- 
ments. 

At present, wages and working 
conditions are regulated through 77 
national agreements signed before 
the 1980 crisis broke out, and the 
unions are anxious to sit down and 
negotiate new ones. 

At a recent meeting at the Labour 
Ministry, union representatives re- 
jected official suggestions that in 
future guideline national agree- 
ments should be negotiated be- 
tween representatives of com pany 
manag emen t s tho nninne 


But the unions, to the delight of 
conservatives in the Administra- 
tion, are insisting on talking to min- 
istries and having the resulting na- 
tional wage agreements imposed on 
company managements. 


At last weekend’s party del- 
egates' conference, Mr Rajmund 
Marie, head of foe miners' union, 
attacked the Labour Ministry for its 
stance and implied that decentra- 
lised procedures would cause chaos. 


His remarks will no doubt go 
down well with the Mining Ministry 
which since foe reforms began to be 
introduced in 1982, has resisted de- 
centralisation oE decision-making 
down to individual mine manage- 
ment, by pointing to special condi- 
tions affecting foe industry. 


FINANCIAL TIMES, USPS No 190600. 
published daily except Sundays and 
holidays. U.S. subscription rates 
$420.00 per annum. Second class 
posugs paid at Nsw York NY and at 
additional mailing offices- POST- 
MASTER: send add rasa changn to: 
FINANCIAL TIMES. 14 East 60th Street. 
New York, NY 10022. 


Oil company 
rise in W. Germany 


: v.V'' 




• -. -. •■* Vi*. 

' 1 A ;■ V - 3’. 


-v 


BY JOHN DAVIES IN FRANKFURT 


. Bf Jonathan, -Carr fat Frankfurt ■ 


OIL COMPANIES lost a further 
DM 3bn (£790m) in refining and 
distribution in 'West Germany 
last year, as they pushed ahead 
.with plans toadjust their opera- 
tions to lower demand and 
shazper competition. While the 
loss was well down on the 
DM 5.2bn of 1982, it brought 
the total since 1980 to 
DM 15.4bn. 

The Energy Economics Insti- 
tute of Cologne University, 
which calculates the losses, has 
predicted that more companies 
will be forced to quit the West 
German market or drastically 
restructure their activities. Gulf, 
Amoco, Osridental and Chevron 
have already moved out of West 
German oil refining and distri- 
bution. 

Oil consumption in West 
Germany declined by only 1.5 
per cent last year, but is 25 per 
cent below the level of four 
years ago— a sharper decline 
than in Western industrial 
countries as a whole. 

As a result, refining capacity 
has been slashed from 160m 
tonnes a year in 1979 to about 
114m tonnes last year and 
further closures are expected 


this year. Even' so, refineries 
operated at only 60 per cent of 
capacity last year, a three point 
improvement on 1982. . . 

The refiners have -faced ' in- 
tensified competition . .from 
imports or relatively cheap oil 
products, especially through 
Rotterdam. They have, con- 
tinued to butBd up the conver- 
sion capacity of thete refineries 
in order to treat oil products 
rather than crude, ... 


WEST GERMANY'S' 
trial : plant-makers bellere 
their oiden intake may 
stabilise this year after two 
yeai* of ntamp caused above 
all by tiie collapse of foreign 
demand. •• 


The Institute -says that no 
relief is in sight for the oil 
companies, even though con- 
sumption should level out It 
estimates excess oil refinery 
capacity in Western Europe at 
100nx-l50m tonnes a year. At 
the same time, oil-producing 
countries are budding up their 
refinery capacity to export raore 
oil products to Western Europe. 

. Some oH companies operating 
in West. Germany have been 
able to offset losses in. .oil 
refining And distribution by 
means of profits on local oU and 
gas production. One of the 
notable exceptions is Deutsche 
BP, whose heavy losses have 
been offset by money pumped 
in from the British parent com- 
pany. 


Rising tide from the East 
gives West Berlin a lift 


BY LESLIE COUTT IN BERLIN 


OVERAGED WEST BERLIN, 
whose German population has 
fallen steadily, could rejuvenate 
Itself with the help of the rising 
tide of East Germans who are 
being given exit permits for the 
West. 


because only 3,000 West Ger- * 
mans were lured to the city— 
the lowest number in years. Hie 
foreign population, mainly 
Turks, rose by 1,000 to 245,000 
out of a shrinking total of 135m 
inhabitants. ' 


Since the start of the year, 
2,800 East Berliners and Bast 
Germans have arrived in West 
Berlin's Marlenfelde processing 
centre and the number is 
increasing dally. Since March 1, 
more than 1,000 have registered 
in the city, which hopes they 
will > remain. Many- of the 
arrivals are in their twenties 
and thirties and are skilled 
workers, which West Berlin 
badly needs, despite its more 
than 10 per cent unemployment 
rate. 


Last year foe city’s German 
inhabitants declined by 17,000, 
partly because of its overage 
population structure and partly 


"The city is making every 1 
effort to convince the Influx of 
East Germans not to go on tb" 
West Germany. "West Berlin 
Industry, which, often imports 
skilled workers from West G«v 
many is being, encouraged to 
make every effort to hfretoe . 
refugees. 

One of the biggest problems 
for them, - however, is . housing 
as there is a severe fihbrtafie of 
affordable flats. Appeals have- 
gone out for housing companies 
to provide lower rent accommo- : 
dation in order that new arrivals 
do not languish longer than 
-fo foe overflowing' 
Marienfelde camp and other 
temporary quarters. 


Their association said 
yesterday tint -foe first signs 
were that . incoming -' enters 
this your tnlglrt abanf equal 
foe DM 14 L 2 hn (£ 3 Jbn) level 
of WW. • ' i ■ ■ 

Even - this.'' .•.stagnation 
nanfofwi Im pr ove m ent, since 
orders had faUeu from around 
DM 25 *m in Unite DM W- 2 bn 
in 1982 — and then dropped by 
a. farther jto per cent last 
your. ' - •. 

However,' the' association 
warned titer. 'ever * more' 
intense international competi- 
tion was bringing worsening 
order toms, mounting risks 
and severe pressure on profit 
margins. • % 

It Sharply eritiriaed 4 he 
Bonn. G o vernment for rkbdng 
fees ' for : the tee of export 
credit; guarantees' from next . 
month, and warned that fofcr 
■would.-- “ inevitably mean 
further deterioration, in the 
competitive -situation of West 
German plant makers.”. T' 

-- . Last year sales oL lndns, '.- 
■trfal plant rose by lO per cent 
to DM 20.1 bn and. the associa- 
tion forecasts at similar rite 
this year, -But because of the 
long; project duration in the 
plant bnsittesa, r tMs . c kales 
boost only . . reflected foe 
buoyant . ; demand . -of . many . 
years' earlier. . .- 

foreigri- orders. 
Which acconut for twHUnb 
-.of.. tetal demand, fell hy 35 
per cent to DM a^ta, a&iye ’ 
all because bf .the.debt prob- ' 
1 * 0 * bl the developing world. 

A key 1 Customer • into 
fofiouesla - . wife* 'placed ,- 
DM ZJSnMtrorlh of arderg fa ' 
19 S 2 : cut demand' tn' aniy -- 
DM 360 nHvorih . last ..year. 
.Orders place# By irag fen tb- : 
-.only DM. o giitiNit 

DM 338 m hefore^alfootighfoe ^ 
cnt. omld . partly be ?znade ^ 
by increased demand 
iFOm T ran .. ... 

Orders from foe tt&tro&M 
economies ' dropped, sbarpbr - 

M 2.7bn .to. ;- These 

countries «iow .' -account for ’ 
only a ia;iw;.c«u^.giuue.ibr . 
foreign plac^ririfo';- 

. West Gentian-, plant makers.--- 
comparedwitha 2 Spctcent 
share fo foe. lafo:I 9 ^s,.-y'---' 



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John Elliott explains from New Delhi why India’s relationship with the U.S. is less than harmonious 

Big democracy, smaller significance 


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« "J. rr r- w : J 


WIEJJMrs Indira Gandhi, the 
Indian prime minister, said 
recently that India had no plaee 
in U-S. global strategy, she was 
sot just airing her annoyance 
at cuts in Internationa) aid for 
developing countries. Nor. was 
she merely adding to the red 
carpel welcome she laid out for 
Marsha) Dmitri Uustinov, the 
Soviet Defence Minister, who 
was at this time in New Delhi. . 

Behind her words lay 30 years 
of frustration, alternated some* 
times with amazement and 
anger, at the way U.S. policies 
os foreign and economic affairs 
seem in India to ignore the 
country’s interests. India some- 
times even wonders whether the 
U.S. is deliberately setting out 
to'- hinder its development, 
despite the millions of dollars 
of aid it hands over, and despite 
regular statements of construc- 
tive friendship. 

The frustration has pushed 
India into a strong and warm 
political relationship with the 
Soviet Union based on defence, 
trade and industrial business. 
There arc. of course, some simi- 
larities to back up the relation- 
ship. India’s socialist economic 
policies, and bureaucratic public 
sector industries, are nearer the 
Soviet than the American eco- 
nomic ethos. The country does, 
however, have an expanding and 
successful private sector. 

But the issue which dominates 
India’s attitudes towards the 
US. and the USSR is its frac- 
tious. sometimes hostile rela- 
tionship with its neighbour 
Pakistan, created when India 
was partitioned in 1947. The 
trend started in the early 1930s 
when the U.S. supported Paki- 
stan and the Soviet Union sup- 
ported India in the dispute over 
the border state of Kashmir. 

During the Bangladesh war. 
the UjS. took what India resents 
as an obstructive step by send- 
ing its fleet to the Bay of 
Bengal. Following the Russian 
invasion of Afghanistan, which 
India has never openly con- 


demned. the U.S. gave defence 
and economic aid to Pakistan. 

Indian Ministers and officials 
talk in terras of ihe U.S. .start- 
ing an arms rare in the subcon- 
tinent. and it is certainly true 
titat India is deirnnincd to bu> 
fresh arms from Russia as well 
as Europe to counter the XJ.S. 
FIB lighters now operating in 
Pakistan. It is negotianng io 
buy Kig 29 and Mig SI fighters. 
- India turned to the Soviet 
Union for help in developing 
its industries in die 1950s when 
the OS. refused to help build a 
steel plant unless It was a pri- 
vate sector project, because the 
public sector was too inefficient. 
The subsequent Sovict-Indian 
industrial relationship con- 
tinues today, despite serious 
Indian reservationv about the 
age of Russian technology. 

India gets cheap capital 
goods, often on favourable 
enough terms to make inferior 
design or quality still reason- 


able value. Loans over 10 years 
at 3 per cent interest are offered 
and defence equipment h> said 

to be sometimes on terms as 
soft as 2 to 3 per cent over 30 
years. 

But poor quality sometimes 
curbs Indian purchases and 
last year Moscow iu.eif cut its 
Indian imports because India 
was not buying enough. One 
company selling consumer goods 
to the Soviet Union saw us sales 
ptummet from $35m annually 
to S5m. Major Indian companies 
lobbied successfully for normal 
trade relations to be restored, 
however, anti as much as 70 
per cent or the trade worth 
93.8bn planned for tins calen- 
dar yea.' t excluding defence ) 
has already gone ahead. Indo- 
UA trade was worth just over 
$4bn last year. 

In spite of the trade figures. 
Indian frustration with the U.S. 
continues. When the U.S. cut 


Jet-fighters due this year 


BY K. X. SHARKA IN NEW DELHI 

INDIA’S Defence Ministry has 
announced that it expects 
delivery of the sophisticated 
French Mirage 2960 Jet-fighter 
fo be made this year and that 
(be Government has decided 
to bring the Russian BIiG-27 
into service. 

In its annual report circu- 
lated among members of 
Parliament, the Ministry 
makes no reference to the 
recent talks with Marshal 
Dimitri Ustinov, (hr Soviet 
Defence Minister, on the 
acquisition of later versions of 
the MiG but tacitly confirm, 
that heavy expenditure is 
being incurred on modernisa- 
tion of (he Indian defence 
forces. 

The report mentions plans 
to modernise the entire 
armoured fleet of the Indian 
army, mostly with Soviet help. 
This includes the powerful 


T-72 tank, which Is to be 
manufactured fn India with 
Soviet collaboration. But the 
report makes no reference to 
the T-80 lank which was 
recently discussed with 
Marshal Ustinov. 

The heavy acquisitions for 
all three arms of the defence 
services are justifled by the 
“ deteriorating security en- 
vironment."' The report also 
makes detailed reference to 
the induction of sophisticated 
armaments into H troubled 
areas’* like Pakistan. 

In a veiled attack on U.S. 
policy, the report says that 
military assistance to Pakistan 
“ sought to be justifled 
initially on grounds of a pos- 
sible threat from or through 
Afghanistan, but is now 
explained as designed to 
bolster a stabilising influence, 
in the region.** 


Uncertainty grows 
on Lebanon’s future 


BY NORA BOUSTANY IN BEIRUT 


LEBANESE are reacting with 
disappointment or cynical in- 
difference. to the outcome of the 
national reconciliation confer- 
ence which has left in question 
Lebanon's political future and 
its chapees of sunival .ns. a 
nation. - 

Promises, to strengthen the 
ceasefire and the . call for the 
formation of a 32-man “ consti- 
tutional commission " to discuss 
reforms over a six -month 
period left most of the war- 
weary population unimpressed. 

A spokesman of the Christian 
militia described the conference 
as a “failure." He also pre- 
dicted that there would not be 
much fighting. 

The . final statement at 
Lausanne was described as a 
“fig leaf," a “failure in camou- 
flage” and a “face-saving tech- 
nique." Newspapers reported 
that even that would not have 
been reached had President 
Amin Gemayel not threatened 
to resign. 

One Lebanese physician, a 
Christian living in mainly Mos- 
.lem West Beirut, said: “We 
still don't know if they are going 
to cut Lebanon up inro state- 
lets, whether we will ever have 


an army again or whether we 
should just pack up and leave. 
X am too old to do that now." 

The Christian militia are 
insisting on a system of cantons 
and have taken security and the 
^admiiiistratiqn.pf basic services 
into their own hands in areas 
under their control. 

While the- economy Is 
deteriorating progressively, 
with busineses and shops dos- 
ing down, there is no sign of 
a breakthrough that could 
Inject' confidence into disil- 
lusioned entrepreneurs. 

Moslems are opposed to can- 
tonisation, but it appears the 
Christian, militia have started 
consolidating an economically 
independent de facto mini-state. 
Their military spokesman 
announced recently that a tax 
collection system based on a 
percentage from restaurant 
bills, entertainment and petrol 
fees would continue, and that 
they would control part of 
Beirut port. 

Last year, Mr Ceawycl 
decreed that all illegal ports 
including a Lebanese forees-run 
basin at the Beirut harbour, be 
closed to salvage some lost 
revenues for the central govern- 
ment. 


Talks hardly had a chance 


BY ANTHONY McDStM07T IN GENEVA 


THE SADDEST moment of the 
abortive nine-day conference on 
national reconciliation in 
Xiebanon was the summons by 
President Amin Gemayel to 
correspondents some hours after 
it had broken up on Tuesday 
night with only the thinnest fig- 
leaf of a communique. 

He. maintained, in tbe face of 
hostile questioning, that the 
meetings had been sucessful but 
the failure was all too clear. It 
could be argued that the con- 
ference - never had a . chance of 
success. 

The communique calls for 
"the formation of a constitu- 
tional commission to prepare a 
draft new constitution for 
Lebanon . ... and to submit a 
report of the results of Its works 


within six months.” 

Asreemnt was also reached on 
implementing a ceasefire and 
“the cessation of all negative 
media campaigns." All these 
elements had been agreed on 
in the opening days of the con- 
ference. 

It is notable that the com- 
munique made no mention of 
either Israel’s occupation of the 
south 

The main reason why the con- 
ference failed was that Syria 
proved no-more able, than the 
U.S. bad been, to push all tbe 
Lebanese factions — Moslem and 
Christa hi alike— into a com- 
promise over such basic issues 
as sharing more evenly political 
posts. 

Editorial comment. Page IS ' 


Doubts over 
Israeli bid 
for recovery 

By David Lennon in Tel Aviv 

THE VIRTUAL certainty that 
Israel will face elections some 
time this year bas raised doubts 
about the Government’s ability 
to continue with its economic 
recovery programme and about 
its- future—poticym^-Lebanoa.- 

' Israel's parliament is due to- 
day to debate a number of 
opposition Bills calling for early 
elections. But the Government 
is intensifying its efforts to de- 
lay the actual polling date as 
long as possible, to give it time 
to improve its image. 

The haggling over the elec- 
tion date got into full swing 
yesterday as the coalition tried 
to persuade Its rebel Tami fac- 
tion to soften its insistence on 
elections within six to eight 
weeks. The Government is 
offering to table its own Bill, 
possibly next Monday, calling 
for a dissolution of the Knesset 
and elections later in the year. 

Tami, which dropped a poli- 
tical bombshell this week by 
announcing its support for 
early elections, is expected to 
try to wrangle maximum con- 
cessions out of Likud for any, 
even partial, changes in its 
position. 

One of the first victims of any 
concession may be the new aus- 
terity economic programme 
which bas been introduced to 
try to set the crisis-ridden 
economy back on the road to 
recovery. 

Whatever the date decided on. 
Mr Yigal Cohen-Orgad. the 
Finance Minister, is already 
coming under pressure to temper 
his policies to the electoral needs 
of rhe ruling Likud bloc. 

Senior Treasury officials have 
Intimated that they may resign 
if the Minister gives in to 
demands for measures which 
would temporarily reduce infla- 
tion and increase employment 
at the expense of Israel's foreign 
reserves. 

So far, the Minister has in- 
sisted that he will not change 
the direction of his policy which 
he insists is essential if Israel is 
to avert an economic catas- 
trophe. But onre an election 
date is sel. the pressure on Mr 
Cohen-Orgad will increase. 


Harare faces ‘further grim year’ 


: 

f-- 

-u * if )i.| 

1 - ' -p . J 

SS*' . 


BY ANDREW GOWERS 

ZIMBABWE’S economy faces 
another grim year in 19S4, with 
zero growth, high inflation, stag- 
nant exports and a continuing 
rise in both the public-sector 
deficit and rhe debt-service 
ratio, according to a former 
senior economic advisor to tbe 
Government 

Mr Roger Riddell, chairman 
of die Presidential Economic 
Conunistsoh in 1980 and 1981 
and chief economist to the Con- 
federation of Zimbabwe Indus- 
tries until last December, told 
a meeting of the Overseas De- 
velopment Institute in London 
Yesterday that supply of raw 
hiafeiials and spares to industry 
win be severely consmtined in 

coming months. 

Further cuts in foreign ex- 
change allocations cannot be 
rilled out, following the 20 per 
c«l cut announced in January. 


even if the export position im- 
proves. he added. 

Mr Riddell does not share the 
Reserve Bank of Zimbabwe's 
recently expressed optimism 
about exports, pointing to the 
faltering in last year’s rally in 
metal prices and an expected 
weakening in the UJS. dollar as 
factors likely to erode foreign 
exchange earnings. 

He also cites estimates that 
rhe country will need some 
500,000 tonnes of imported 
maize over the next year, be- 
cause of tile recent drought. 
This could cost more than 
$2 50m (£17Sm), about one- 

quarter of current export earn- 
ings. 

In the current financial year, 
the budget deficit is expected to 
rise above 11.5 per cent of gross 
domestic product, compared 
with 8-7 per cent in 1982/83. 
But Mr Riddell says that 


“ political and military pres- 
sures” mean that chances of 
curbing recurrent expenditure 
arc remote. 

In addition, the debt-service 
ratio Is expected to be at least 
29 per cent this year, compared 
with just 2 per cent at inde- 
pendence in 1980. 

For the longer term, Mr 
RiddcJ! is more optimistic, 
citing recent Government 
measures to stimulate food pro- 
duction and encourage the 
private .sector as evidence, 

Tony Hawkins writes from 
Harare: There is growing specu- 
lation that the Zimbabwe 
authorities are on the point of 
announcing major moves to 
conserve foreign currency. 

Dr Bernard Chidrcro, 
Minister of Finance, is 
scheduled to make a major 
policy statement next week. 


lending from the International 
Development Association, the 
World Bank's soft loan arm. it 
Mated that India could afford 
to borrow commercially and 
should leave soft funds to the 
more needy, India should have 
made more progress wtih the 
aid it had received over tbe 
years and should not have 
allowed its cumbersome. 
obsr.-ucuvo and often corrupr 
bureaucracy, and its politicians, 
in impede development, the 
U.S. argued. 

For its part, India says that 
it to too early to make a major 
switch into commercial borrow- 
ing because it cannot afford the 
debt repayments that would 
build Up on Us heavy develop- 
ment programme. Oftinal.s point 
out that India's population be- 
low* the poverty line more than 
equals the total population of 
Bangladesh, with which the U.S. 
is developing a closer relation- 
ship. 

India is also having problems 
purchasing U.S. computers, a 
problem also being faced by 
other countries. Soviet techno- 
logy is not sufficiently advanced 
for it to step in. so India has 
turned to Europe and Japan. A 
further aggravation has been 
the U.S. refusal to supply spare 
parts for the Tarapur nuclear 
power station, again forcing 
India to turn to Europe. 

Mrs Gandhi did nuke a signifi- 
cant official visit to Washington 
in 1982. but U.S. diplomats 
acknowledge that she might 
have been disappointed by a 
lack of real progress since then. 

From the UJS. point of view, 
South Asia ts not a major area 
of international conflict, such as 
the Middle East, and so does 
not dominate its policies apart 
from the invasion of Afghani- 
stan. American diplomats say 
that the U.S. does not deli- 
berately set out to hurt or upset 
India with Its major policies. 

At diplomatic level, the U.S. 
has been trying to improve the 
relationship in two ways. Fin>r, 



U.S. presses Japan 
to liberalise 
financial markets 


Stale visit: Mrs Gandhi meets Mr Reagan in Washington, 
but relations remain low-key. 


there are high-level dialogues on 
major issues between diplomats 
and visiting politicians. Second, 
co-operation is being developed 
through exchanges on scientific 
matters, education and culture, 
and agriculture. 

But Mrs Gandhi’s U.S. visit 
has been more than matched by 
personal visits and contacts with 
Moscow. The U.S. and India 
seem to have drifted on separate 
courses, India on the Socialist- 
based non-aligned path, and the 
U.S. steering clear, preferring 
to bolster Pakistan. 

Russia may now need India 
more than India needs Russia, 


given India's industrial develop- 
ment and its ability ro purchase 
advanced weaponry from 
Europe. But Mrs Gandhi also 
uses ihe Soviet friendship in- 
ternally to won votes from the 
Indian Left, and especially from 
one of the country's two Com- 
munist panics, 

Washington feels secure in 
the belief that India is a strong 
democratic country never likely 
to become a Communist satel- 
lite. But its an nude sparks a 
reaction summed up by a Euro- 
pean diplomat: “Living in India, 
it is very difficult not to be anti- 
American.” 


BY JUREK MARTIN IN TOKYO 

THE U.S. this week renews its 
pressure on Japan to liberalise 
its financial markets and pro- 
mote wider use of its currency. 

The rwo-pronged U S. assault 
will be led by Dr Beryl 
Sprinkel, the Treasury Under- 
secretary. who begins a second 
round of talks with his Japan- 
ese counterpart, Mr Tomomilsu 
Oba. Vice Minister of Finance, 
today, and by the Treasury 
Secretary himself. Mr Donald 
Regan, who is coming to Tokyo 
from China tomorrow. 

The previous Sprinkel-Oba 
negotiations a month ago 
ended with the UJ>. side as 
good as demanding that Japan 
come up with a definite 
schedule of proposed measures 
in time for this meeting. 

But there is no hard evidence 
to suggest that Japan is willing 
to comply and further hasten 
whai it considers to be, in any 
casc. accelerated deliberation 
on a refurm package. This 
Japan hopes to have completed 
wirhm a couple of months. 

In particular, the Ministry of 
Finance does not appear to be 
ready yet to entertain one 
specific Ui. request — that U.S. 
banks, in collaboration with 
Japanese securities houses, be 
permitted to enter the 550bn 
(£39.7bn) Japanese pension 
fund market, currently the pre- 
serve of Japanese life insurance 
companies and trust banks. 

Japan is. however, moving 
with greater speed to allow 
more Japanese companies to 
issue Euroyen bonds than at 
present. The Ministry of 
Finance is inviting comment on 
changes in regulations which 
would enable as many as about 
90 companies to enter this 
market, against only about two 
dozen at present. 

One major element of current 
uncertainty concerns the U.S. 


attitude to the foreign exchange 
markets. Earlier this month, the 
yen, catching up with European 
currencies, jumped by more 
than V10 against the dollar, at 
one stage nearly hitting Y220. 

compared with the Y230-235 
range of previous months. 

This, it was argued in Tokyo, 
might relieve some of ihe U.S. 
pressure on Japan. It might also 
have given the Japanese author- 
ities more scope to consider 
cutting domestic interest rotes 
and thus stimulating domestic 
demand, again in line with U.S. 
wishes. 

But the appreciation of the 
dollar over the last week fit 
closed yesterday at Y226.30) 
and the more recent increase in 
the U.S. prime rate now raises 
doubts about the timing, and 
even the inevitability, of the 
decline of the dollar." 

Japan even suspects that the 
U.S. wants to keep its interest 
rates, and thus the dollar, high 
in order to ensure a continued 
inflow of capital to finance its 
massive trade and budgetary 
deficus. 

• The U.S. and Japan also today 
begin, in Washington, another 
round of talks on agricultural 
trade, amid reports that the U.S. 
has significantly modified its 
demands that Japan import 
more beef and oranges. 

Agencies add: The Japanese 
Government wjJI start prepara- 
tions for a stopgap budget for 
19S4/S5 starting April 1, as a 
new full-year budget may not be 
approved by parliament in time, 
a Finance Ministry spokesman 
5a id yesterday. 

The Lower House approved 
the full budget on March 13, but 
the Upper Ilouse is still debat- 
ing it. if the Government has to 
cal] for a stopgap budget, it will 
be the first since 1977/78. 



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223984; 


AMERICAN NEWS 


Argentina announces! Gromyko 
target for cut 

111 budget deficit incident 


Why El Salvador election 


BY HUGH 0*SHAUGHNESSY 1H SAN SALVADOR. 


BY JIMMY BURNS IN BUENOS AIRES 

ARGENTINA'S Radical Govern- 
ment hopes to cut the country's 
budget deficit to 4 per cent of gross 
domestic product (GDP) in 1981 
from more than 14 per cent at pres- 
ent in a major effort to reduce in- 
flation and boost economic growth. 

The target announced at the end 
of a Cabinet meeting on Tuesday 
night will almost certainly be one 
of the main items in a letter of in- 
tent" to the International Monetary 
Fund which is being prepared. The 
■Tetter” is aimed at paving the way 
for a solution to the problem of Ar- 
gentina's S43.6bn foreign debt 
Sr Norberto Bertaina, Under- 
secretary for the Economy acting grow 
as ad hoc Cabinet spokesman, said < 
that a hi gh budget deficit had be- 
come one of the main causes of in- f orei 
flation in recent years, but he 5 tan< 
stressed that the Government kefcy 
would not be pressed into adopting to be 
deflationary policies. So 

In effect the Government of Sr ggnt 
Raul Alfonsin has again shrewdly ^ < 
anticipated possible pressures from balai 
the IMF, whose director for the. hank 
Western Hemisphere, Sr Eduardo re a r 
Weissner Duran, arrived in Buenos 
Aires yesterday. So 

Although Sr Bertaina said that Buei 
the budget deficit for this year ed. 1 
would "probably average out" at the 
about 8 per cent of GDP, the emdkrf- their 
year figure of 4 per cent is similar- ties . 
to the target fixed by the IMF in Arge 
last year’s standby agreement with His n 
Argentina. SIBb 

No figures for inflation or growth jng t 
were given on Tuesday night, ai- Q f m 
though the Government is under- Sr 
stood to be working on a provisional gjjtii 
target of between 120 and 130 per 0 f t 
cent for inflation (down from the with 
current figure of 436 per cent) and befoi 



Sr Raul Alfonsin . 


growth of 5 per cent compared with 
just over 1 per cent in 1983. 

Argentina has been told by its 
foreign creditors that an under- 
standing with fbe IMF is necessary 
before the release of further funds 
to help pay for arrears. 

Some foreign bankers seem re- 
signed to the fact that no solution 
will be found before the March 31 
balance sheet deadline for U.S. 
banks, when about S650m in ar- 
rears wiE be listed as non-perform- 
ing. 

Some government officials in 
Buenos Aires are apparently worri- 
ed, however, that failure to meet 
the deadline risks undermining 
their efforts to win longer maturi- 
ties and lower interest rates when 
Argentina, eventually sits down to 
discuss the rescheduling of between 
Slflbn and SIBbn of payments fall- 
ing due this year and the provision 
of new loans. 

Sr Gustavo Grinspun, son of Arg- 
entina's Economy Minister and one 
of the Government’s negotiators 
with an agreement would be found 
before the end of the month. 


By Tim Coone in Managua and 

Robert Graham m London 
THE Soviet Foreign Minister. 
Mr Andrei Gromyko, yesterday 
beld the U.S. responsible for 
the planting of a mine that 
damaged a Soviet oil tanker as 
it put into the Nicaraguan Paci- 
fic terminal, Puerto Sandino, on 
Tuesday. 

The mine, planted by UJS.- 
backed guerrillas, crippled the 
30,000-tonae tanker, Lugansk, 
and injured five of the crew. 
It was the third foreign vessel 
to have suffered damage from 
mines in Nicaraguan waters 
since March when the guerrillas 
initiated a new campaign to 
sabotage the country’s economy. 

In Moscow die U-S- charge 
d’affaires, Mr Warren Zimm er- 
man, was called to meet Mr 
Gromyko. No details of the 
meeting emerged, but the Soviet 
1 news Agency, Tass, said: “ The 
Soviet Government holds the 
U.Sl Government responsible 
for that grave crime, an act of 
banditry and piracy." 

It is the first time that the 
Soviet Union and the U-S. have 
clashed in this way over Central 
; America, and it is the first occa- 
, sion in which Soviet interests 
! have been directly affected by 
l the conflict there. 

The incident occurred at a 
I moment when the Soviet Union 
bad despatched a three-ship 
naval taskforce, headed by the 
helicopter carrier. Leningrad, to 
Caribbean waters for joint exer- 
I rises with the Cuban navy. 

The 17,000-tonne Leningrad Is 
I the biggest warship ever sent 
by the Soviets to the region. 
! and is seen as a show of 
strength to counter the U.S. 

I naval and military presence in 
| the region for Sunday’s Presi- 
I dential elections in El Salvador. 


SUNDAY’S Presidential elec- 
lions in El Salvador are going 
to be bard fought; equally hard 
fought, however, are the verbal 
battles about the significance 
and worth of this electoral exer- 
cise. 

The race for the presidency 
is likely to be won by one of 
two principal candidates from 
the eight parties in the field. 
The favourite, according to 
rudimentary opinion polls, is Sr 
Jose Napoleon Duarte, leader 
of the middle of the road Chris- 
tian Democratic Party (PDC). 
with around 40 per cent of the 
votes. 

Sr Duarte is a former mayor 
of San Salvador who won the 
1972 Presidential election but 
was then forced by the far Right 
to abandon his post and flee to 
Venezuela. He later became the 
President from 1980 to 1982 in 
a junta influenced mainly by 
the army. 

Close behind him is Major 
Roberto d’Aubuisson of the 
extreme Right Arena Party. 
Major d’Aubuisson. who was 
casJiiered from the army in 
1979. has been linked with the 
death souads which have been 
resoonsible for many of the 
46,000 deaths which have 
occurred in El Salvador over 
more than fbor years. 

Mr Robert White, a former 
UJS. ambassador to El Salva- 
dor. called Major d’Aubuisson 
a ’’pathological killer" and has 
claimed he was implicated in 
the assassination in March 
1980 of Monsignor Oscar 
Romero, the Archbishop of San 
Salvador. 

An outside runner is Sr 
Francisco “ Chacht ” Guerrero 
of the Patty of National Concili- 
ation fPCN) a grouping which 
served for several decades as 
the civilian facade for a number 
of Right-wing military Presi- 


Reagan drops missile deal with Jordan 


Uruguayan call 
for amnesty 


BY OUR FOREIGN STAFF 


PRESIDENT REAGAN has 
withdrawn a plan to sell ad- 
vanced Stinger anti-aircraft mis- 
siles to Jordan and Saudi 
Arabia. The plan drew strong 
opposition in Congress and from 
Israel and American Jewish 
groups. 

A White House spokesman 
refused to say why Ur Reagan 
had abandoned the plan but 
other officials said he acted be- 
cause of strong Congressional 


opposition. 

The spokesman refused to 
comment on reports that the 
Administration had failed 10 
agree to kill a Senate bill that 
would recognise Jerusalem as 
Israel’s capital and move the 
UJ>. embassy there from Tel 
Aviv. The reports said the 
American-Israel Public Affairs 
Committee had rejected an 
offer under which the Stinger 
sale would be cancelled If 


Israel's supporters agreed to 
kill the Jerusalem legislation. 

The Pentagon announced on 
March 1 that it was planning to 
sell more than 1,600 Stinger 
missiles to Jordan and 1,400 to 
Saudi Arabia. Congress had 30 
days from that date to block 
the sale. 

• President Reagan's visit to 
China will run from April 26 
to May 1. The visit was first 
announced in September. 


MONTEVIDEO - Sr Liber Seregni, 
a former left-wing presidential 
candidate, called yesterday for the 
release of nearly 800 Uruguayan po- 
litical prisoners. 

Sr Seregni, 67, was himself re- 
leased two days ago after saving 
eight years of a 14-year sentence on 
subversion charges. He said that 
his release, and that of a.Commun- 
ist party leader, Sr Jose Luis Mass- 
era, demonstrated “A climate of 
political dfetente that is clearing the 
path toward recovery of 
democracy." 

AP 






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dents who came to power by 
thinly-disguised electoral fraud. 

The campaign has so far been 
more notable for insult than 
political content. Sr Duarte, 
who has a strong following 
among many peasants and some 
urban workers, has made much 
Of Major d'Aubuisson’s murky 
past and the Christian Demo- 
crats have sought unsuccess- 
fully to have him removed 
from the election for moral 
turpitude. 

Major d’Aubuisson, who is 
regarded with something dose 
to idolatry by the urban middle 
classes, has been describing 
" poor, mad Duarte ” as a will- 
ing tool of Moscow, a charge 
which could only gain credence 
in the manifestly demented, 
political atmosphere of some 
electoral meetings in San 
Salvador. Sr Duane has close 
links with the Italian and West 
German Christian Democratic 
Parties. 

None of the other five parties 
has any chance of victory. No 
candidate is likely to win an 
overall majority in the first 
round of voting on Sunday and 
a further round will almost 
certainly take, place within 30 
days of the official declaration 
of the result, expected on 
Tuesday or Wednesday. 

A Duarte victory would stir 
up animosity among army 
officers and Arena supporters, 
who hare threatened that they 
have it in their power to make 
El Salvador ungovernable. At 
the same time, a victory for 
Major d’Aubuisson would 
promise new Right-wing ex- 
tremist violence and could cause 
the abandonment by many 
Christian Democrats of any 
faith in the electoral process. It 
would also strengthen the Left 
and make U.S. President Ronald 
Reagan’s task of supporting the 




r-* 


The main contenders: Sr d’Aubutason (left) and fir Duarte. 


Salvadorean Government 

against the guerrillas much 
more difficult. "A d’Abuisson 
win would mean the guerrillas 
would be in power within six 
months." remarked, a university 
professor in San ' Salvador 
yesterday. 

The five Left-wing guerripa 
groups who, with the Social 
Democrats and ' -dissident 
Christian Democrats are boy- 
cotting the election, describe the 
poll as an irrelevance. The 
Leninist elements in the FMUt 
guerrilla front are ' con- 
temptuous of “bourgeois 
democracy ” while the ’non-. 
Leninists point to the death toll 
of the past few years and argue 
that for a Left-winger to stand 
in an El Salvador election today 
is tant am ount to his COmmiting 

suicide. 

A quarter of Salvadorean 
territory is under Left-wing 
dominance. While the FMLN 
has announced it will not 
deliberately seek to prevent 
voters going to the polls, indi- 
vidual guerrilla groups, have 
destroyed voters’ identification 


papers without . which no one 
can cast a ballot. - - ‘-'-s- 

The powerful Catholic church , 
. has condemned . guerrilla 
attempts to disrupt the ^election,-; 
yet has - warned ' that *the - poll .. 
will present no solutlou to the^ 
civfl war. The church authorities 
have called for.au end to arms 
supplies, to both sides and -the - 
beginning of a political dialogue 
to- determine -the couritxy*s> 
future. 

Behind the electoral, process . 
is a complicated, set of potiticaF.-: 
and- . economic . realities. /IST.- 
-Salvador has . never experienced 
am. election which was./air aad 
which offered,^' Taoge - of - 
political options. - Elections have 
either excluded the Left or have ; 
been rigged. /• 

; El Salvador is a cooratry of 
extremes. A .recent paper pub- 
lished by the Central American: 
University, an independent 
institution financed by ' - the - 
Catholic - chqrch - and drawing,: 
students from the wholeregion. 
shows that while there are 116 
individual Salvadoreans, with an? 
annual income of. 45m in -a 


population of ,2.5m, large sec- 
tions of society live in extreme., 
poverty. . : 

“ Virtually every child I see 
-in .tliis hospital is badly , under- . 
nourished,*’.: a doctor,- practising _ 
id -the pfwkrciai town of. Suv 
Francisco Gotera -remained jh 
i*n interview Jast week. The 
.gap between rich' and jpoqr hag 
also been criticised - by t^ TLS.' 
aid agency and -International 
. financial mstitutians r ; L..C- ['• , 

. Latest: economic indicators 
shbV:HttJe cfi'fier^ Gross National 
•Prodiictlast year fell by, at least 
3 per cent and nationaK income 
is- only around ; 75. per cent of 
what'itwasih .1978; current 

account- 1983. wqs.lqrrfoe^ 
red to the extent of $$32n^.com- ' 
pared with 9Ztim ‘ in. '388% rand 
the; external Asector j ' baa. rbeen 
kepi •aflo^otaly f^r.laige trans- 

: the : ^TnteroatiGfcat ^ Monetary 
Fund., and. the. IntepAmerican 
Development- Bank. 

' :,T-'Accordmfe-'. ito-, the' ^ Central 
Ameriqan, uhfreraty; none ' of 
.El^Salvaddrts ..rosources .are : 
being put to, rational use. About, 
45 pqr-CCT^'of the Workforce is 
■either -unemployed or .under-' 
employ edv^be tween a third ahtf 
twnhirds of -the ."-country’s 
.oaFStaT'^bufce^'varfe.'. ifot bar-, 
nessed-to productive ends and 
a espite.g re ai t : population denM* 
ties.'^pertxnt-- of -tiKMBmtry*s 
curable-; ^peg r . / : > 

. : , Eew observers think that the 
accumulated ills- of decades of 
bad. . goyernim enl . to.-.‘EL . Salvador 
vdU be cured by: Sunday's vot- 
ing.- iThougfi .a hemry ,pali jis 
tike^,’- :indicafe,^a . strong 
desire' on-" the ipwt of most 
Salvadoreans for an>nd:to .the 
dvil' war, ■: without; besotiatmns 
; between the guerrillas Aid the 
iGaveromedt tfe-electfbn is tm- 
;iik^‘.;tb ifeace : fd TaJ 

tortured Icouniry, v . * . 




World Bank seeks to raise $800m for Brazil 


BY ANDREW WHITLEY IN SAO PAULO 


THE WORLD BANK is seeking 
to raise between $800m and 
$lbn in co-financing from inter- 
national banks for Brasil, its 
largest single borrower. 

Co-financing in Brazil 
between the commercial banks 
and the multilateral lending 
instiutions halted in mid-1982. 
shortly before the country’s 
foreign exchange liquidity crisis 
erupted. 

World Bank officials are 
hopeful that Brazil’s major 
lenders will agree to partici- 
pate this year in project and 
sectoral lending out of their 


individual commitments under 
the 96.5bn “jumbo” loan signed 
in January. But there is -little 
optimism that additional loans 
can be secured to Brazil at this 
time. • . : ; ^ 

Preliminary contacts . are 
understood to have been held 
with the bank Advisory Com- 
mittee for Brazil in New York,- 
and discussions are expected 
over the coming two to three, 
months. . _ 

The Washington-based institu- 
tion and Brazilian government 
have identified 10 possible loan 
schemes .regarded as. of ; likely 
_ . ... ^ - •• " 


interest to commercial - banks. 
Most are believed to. be. in the 
power, and: UulostrialactorS.;- ’ 

The officials say-lheattfacllOn' 
for the .banks would be the" 
additional - security .tpey could ' 
expect from- participating : la, 
ongoing or new Wbrld'r Bank 
loan programmes. This ' bait , 
would probably include cross-,. 
default clauses^-: '■■■■ : . 


■/- In ratura^bbweveri tbo^Podd' 
Bank would expect the commer - 
cial lenders to proride Braril 
with better tenns, f notably, 
longer grace periods. One possi^ 
bility being mooted _ 

-■ ' ■s-j-.i- :txt 


stretching, of : -the lusiial efght- 
year.'repayment period allowed 
to 'Srazjl to !2 years, with the 
hartf : - tokmg ' responsibility for 
tne^aterjhaturixies.- - - • 
v Lending, to BraaLnow repre- 
seD^s.oȣarty ^ pe r cent of- the 
World "Bank's global activities. 
Disburse merits almost doubled 
.between" 198X ; and 198L from 
$39(hn to $620m, then doubled 
agate last year to ?L22 bn. - . 
. Ofae bffictal said last week he 
expected '• ' disSmrsemehtk in 
caRaadhr 1984 40- again be In 
excess of $lJ2bn, out o£ agreed 
loans bkely to berin the ranae 

of jfLSbn, jv.‘ ’Jf •-*- " ‘ 






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Ftyk^^ less fuss 
via Brussels 



\ - 

You’d be surprised how often connecting 
with Sabena's handily timed world wide ' ' 
services in Brussels can leap-frog you 
over congested airports. And get you . 
where you want to be in the world with 
less fuss and maybe faster, too. 

£ ,/\ v 
/ ' 

& - , ' - 

For a major international crossroads, 
Brussels National Airport is compact and 
hassle-free with excellent facilities and 

Sabena service proves that to travel can ... 
still be almost as pleasant as to arrive. 

-and your travel agent t>r Sabena 

office, has all the details about 
Sabena’s worfdwkienetwork^ . 



• BELGIAN AIRLINES- 


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ff~r 

PP 

Sr*» 

fl? 

& 




THE CARLTON 1-8 LITRE 
BIG ON THE ROAD.SMALLON 

YOUR TAX RETURN. 


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if 



Our good friends at the Inland Revenue 
Feel that there’s a world of difference between the 
Vauxhall Carlton 1800 and any 2 litre you may care 

to name. 

They place them in different personal car 
tax brackets. 

Most generous, when you consider the way 

in which the Carlton 1800 resembles a 2 litre. 

Its cross flow alloy head engine propels the 
car to 107 mph. Mind you, its decibel figures are 
decidedly low. 

Being finely tuned for Low End Torque, its 

higher gearing makes for quieter driving. 

And more insulation has been sandwiched 

between the engine and passenger compartments 

for a quiet life inside. 

Stand outside the Carlton GL and you will 
admire aerodynamic bodywork with bronze tinted 

windows and headlamp wash/wipe. 


Ease yourself into the velour seats and you’ll 
find electrically heated and operated door mirrors, 
central door locking and a radio/stereo cassette. 
Plus ample room to stretch your arms and legs. 

What’s more the driver’s seat has recline and 
height adjustments and the steering wheel can be 
tilted to suit a variety of driving positions. 

But unlike a 2 litre the Carlton 1800 will 
return 47.9 mpg at a constant 56 mph. At 75 mph it 
does 35.8 mpg. 

The Carlton also spoils you when it comes 
to choice, with four engine options, three trim levels 
and two bodystyles. 

And the range starts from £7374. A figure 

that includes VAT and car tax. 

Sadly, that’s something we can’t help you avoid. 

c 

BACKED BY THE WORLDWIDE D/iffoi* TKr 

RESOURCES OF GENERAL MOTORS Deuel. DV UcSlglii 




PLOTS EXTRA. MANUFACTURER’S PERFORMANCE FIGURES AND DOT FUEL CONSUMPTION TESTS MPG (UTRES/TOOKM) 











6 




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Financial :Times Thursday Marct 22 X$84 


WORLD TRADE NEWS 


Galt attack 
made on 
export 
restraints 


Airbus protests arouse little European 


BY MICHAEL DONNE, ABtOSPACE CORRESPONDENT 


WASHINGTON— Japan’s policy 
of consenting to export 
restraints on steel, cars and 
other products in response to 
pressure from the VS. and the 
EEC, is undermining the 
” legitimacy ” of their own 
government, the chief economist 
of the Genera! Agreement on 
Tariffs and Trade (Gatt) told a 
U.S. Export-Import Bank 
conference. 

The official, Mr Jan Tumlir, 
said the Japanese Government 
'* must fear for its national 
legitimacy as it forces more and 
more industries into cartels " 
that are a part of Japan's efforts 
to restrain exports of various 
products deemed disruptive to 
industries in importing nations. 

Mr Tumlir also criticised the 
“ bad cop, good cop routine ’’ 
practlcised by U.S. officials who 
urge Japan and other countries 
<to impose quota restrictions on 
their exports to help head off 
U.S. Congressional approval of 
more restrictive import quota 
legislation. 

Members of Congress advocat- 
ing mandatory import quotas 
play the role of the “ bad cop/’ 
while Reagan Administration 
officials play the role of the j 
“ good cop ” and rush into , 
action to persuade other coun- ! 
tries to impose voluntary export , 
quotas. 

•* Why does the Administra- 1 
tion want to play this game? ” 
he asked. 

Mr Tumlir. Gatt's director of 
economic research, presented a 
grim appraisal of world trade 
prospects at the U.S. Eximbank 
seminar on Tuesday. 

While Gan rules have long 
barred the use of quotas to 
restrict trade, he said there was 
a growing use of such protec- 
tive devices. 

The EEC, he said, got caught 
up in this process by agreeing 
In late 1982 to accept quota 
restrictions on carbon steel 
exports to the U.S. One result, 
was that a European steel cartel 
that was near collapse about 
two years ago now has been 
restored. 

Looking ahead, Mr Tumlir 
said: “ I don't expect anything 
to happen from general calls for 
large international meetings 
such as a new Bretton Woods,” 
he said. 

“The bulk of international 
transactions are among a small 
number of countries ... if they 
abide by the rules, you have 
order.” 


US. COMPANIES seeking an 
increased share of equipment 
and components work on the 
new European A-320 Airbus will 
be expected to face the same 
competitive tendering system as 
their European-based counter- 
parts. 

Airbus Industrie, the Euro- 
pean manufacturer, will select 
all the equipment it needs for 
the A-320— and indeed Is select- 


ing it laready— on the basis of 
price and technical merit, so as 


price and technical merit, so as 
to produce the most cost-effec- 
tive and competitive aircraft it 
can. 

While recognising that the 
four European Governments 
involved in financing the 
venture, UK, France. West 
Germany and Spain would like 
to see more of their own com- 
panies winning shares of the 
equipment and component con- 
tracts for the A-320, it is also 


recognised that competitive 
tender is the fairest and swiftest 
way of settling the require- 
ments. 

This is because Airbus Indus- 
trie will be looking for a much 
wider range of advanced tech- 
nological equipment and com- 
ponents for the A-320 including 
flight-deck instruments, control 
systems, navigation equipment 
and automatic landing aids, in 
keeping with the overall ambi- 
tion of making the A-320 better 
than any of its rivals. 

The European companies have 
been especially aware of this 
and have moved to meet those 
requirements, spending large 
sums on high tchnology. 
research and development and 
improving their production and 
delivery performances. 

They are now equal to, if not 
in some instances better than, 
their U.S. rivals, and are ready 


Eighty Franco-UJS. (Snecma- 
Geoeral Electric) engines 
have been ordered for the 
new A-320, lSO^eat version 
of the European Airbus, our 
foreign staff writes. CFM 


International, the joint com- 
pany, said deliveries of the 
CFJH56 will start in 3938, by 
which time 1,580 of the 
engines are expected to have 
been delivered to various 
airframe manufacturers. 


to bid competitively. Airbus 
Industrie itself is acutely aware 
that if it did not allow com- 
petitive tendering, and favoured 
the U.S. companies against the 
Europeans, it would be open to 
an even bigger barrage of 
criticism. 

It is pointed out in the 
European aerospace industries 
that the big U.S. equipment 
suppliers have no pre-emptive 
rights to orders for their 
products on the A-320. 

They have won up to about 
30 per cent of the work on the 
earlier A-300 and A-310 Air- 


buses on merit, including the 
supply of General Electric and 
Pratt and Whitney engines, and 
they will still have chances to 
bid. 

They are guaranteed at least 
some share of the work, how- 
ever, because both of the 
engines offered with the A-320 
involve some U.S. companies — 
General Electric (as a partner 
with Snecma of France on the 
CFM-54-4) and Pratt and 
Whitney (as a partner with 
Rolls-Royce and other com- 
panies on the V-2500 inter- 
national engine). 


It is also pointed out that 
much of the equipment (such as 
flight deck instruments, naviga- 
tion equipment and other 
avionics, seats, galleys, toilets) 
are the prerogative of every 
purchasing airline, which 
specifies precisely what it wants. 
Airbus obliges its customers by 
installin g that equipment, and 
the requirements often differ 

widely. . 

The UB. companies* com- 
plaints that they may be' kept 
out of the A-320, therefore, finds 
little or no sympathy in the 
European industries, who argue 
that they in turn have fre- 
quently been kept off U.S.-built 
airliners because of US. makers* 
and airlines' preferences for 
U.S.-built equipment, 

Also, it is argued that 
despite the 30 per cent-plus U.S. 
content of the A-300 and A-310 
Airbuses, those aircraft have 


signally failed to. wzn acceptance 
in the U-S. Out of 353. A-300/ j 
A-310 Airbuses ordered tq date, 
only 36 have been ordered by 
two VS airlines. . . : . J 

The US. companies interested 1 
in supplying; for the A-320, in- ■ 
eluding Garrett Rockwell-Inter- 
national and Sundstrand, wBl.be ; 
visiting Europe soonv for dis- 
cussions with Airing Industrie 
and government officials ,qf the 
four countries • -primarily 
fiaanemgthe A-320. 

The discussions -ate under - 1 
stood to be; as much: aimed at ! 
informing themselves as to what j 
is likely to be needed!. on the 
A-320. as at pressing for "an; 
adequate U/S. presence , on that, 
aircraft; • 

What happens after that 
depends entirely . upon the pro- 
gress Airbus' Industrie itself. 

' makes in defining ' the final,; 
detailed specification. 


Apricot 
computer to 
go on sale 
In Italy 


Regulations threaten ship-care service off Malaysia 


BY CHRIS SHERWELL, RECENTLY IN LABUAN. MALAYSIA 


A SHIP-CAJtE service run by 
British Petroleum for laid-up 
super tankers near the island 
of Lahuan off the Borneo 
coast could be affected by new 
regulations imposed by the 
Malaysian state of Sabah. 

A total of 38 tankers cur- 
rently lie idle in Brunei Bay, 
an ideal mooring area because 
it offers a safe anchorage in 
generally calm, typhoon-free 
seas. BP Shlpcare, a sub- 
sidiary of BP Shipping of 
London, is looking after 26 
vessels, including four of its 
own, nine of SheU’s and five 
belonging to Chevron. 


The marine authorities In 
Labuan say the regulations, 
which came into effect on 
January 28, will be used to 
persuade another 11 ships now 
maintained independently to 
be cared for by Labuan Ship- 
care, a local company formed 
last year by a Chinese 
businessman. 

BP Shlpcare is also being 
pressed by the Sabah authori- 
ties to incorporate itself 
locally and take a local 
partner. The Chinese business- 
man has already suggested a 
Joint venture agreement to 
BP. 


This is in line with an 
economic policy Malaysia has 
operated since 1970, which 
encourages foreign companies 
to reduce their stake to 30 
per cent, with the remainder 
split 30 per cent Malay and 40 
per cent other Malaysian. 

Host of the 12 new Brunei 
Bay regulations deal with 
anchorage, crewing and pollu- 
tion and are reckoned to be 
an improvement. Others, 
notably relating to licensing, 
can he interpreted in a way 
tbat allows preference to be 
given to a local operator. 

The Sabah action, however. 


risks turning away the inde- 
pendents altogether, and 
perhaps fresh business — 
especially if international 
salvage authorities do not 
recognise the local operator, 
wbieh at the moment is look- 
ing after one U.S.-owoed ship. 

At the peak of the tanker 
crisis, more than 50 ships had 
been laid up off Labuan. The 
number has declined recently 
because of high scrap steel 
rates and better trading con- 
ditions, but from the air the 
collection Of massive hulls, 
each a mile apart, still makes 
an awesome sight 


BP has been offering its 
ship-care service for eight 
years. Zt employs 110 people, 
and keeps two of its own 
tankers to bouse a mainten- 
ance team that checks each 
tanker at least once a week 
for corrosion or deterioration.:- 


Spanish group 
to build 
Moroccan port 


Sabah has benefited from 
the excess tanker capacities 
through pilotage fees, harbour 
dues and ancillary revenues. 
But the authorities seem to 
have decided that the crisis 
is not temporary and that a 
business opportunity is going 
begging. 


Far East-U.S. cargoes 
rise 20% in year 


Caribbean tourism levels down 


BY CANUTE JAMES IN KINGSTON 


BY ANDREW FISHER IN PANAMA CfTY 


SEABORNE CARGOES between 
the Far East and the US. have ris- 
en about 20 per cent in volume over 
the past year, said Mr Raymond 
Miles, executive vice-president of 
Barber Blue Sea, the major round- 
the-world liner shipping consortium 
based in Oslo. 


He was speaking as the line’s 
new 565m container and roli-on/ 
roll-off vessel - the Barber Tampa, 
buBt in South Korea and the largest 
of its type in the world - was mak- 
ing its first crossing through the 
Panama CanaL 


AP-DJ 


Trade to the VS. was usually sea- 


sonal, with high volumes carried 
between May and October, as busi- 
nesses stocked up ahead of Christ- 
mas, he said. But last year saw no 
tailing off in US. imports from Asia 
after October, with the rise in the 
US. economy keeping trade buoy- 
ant U-S. exports to the Middle East, 
also covered by Barber, were doing 
less welL 

The new ship was full on its first 
voyage from the Far East to the 
US., he said. Barber Blue Sea is 
owned by Ocean Transport and 
Trading of the UK, Wilh. Wflhelm- 
sen of Norway, and Broshoms of 
Sweden. 


THE U.S. economic recovery 
this winter is not having the 
expected boom effect in Carib- 
bean tourism that had been 
expected. 

Regional tourism officials say 
the recovery is at best only 
“ trickling down ” into the 
hotels and on to the myriad 
> beaches that comprise the core 
of the vital tourism industry. 
The cold North American 
winters notwithstanding, many 
hoteliers fear tourism receipts 
will not exceed the $4bn nor 
top the 7.5m foreign visitors 
that came last year. 

Mr Anthony Abrahams, 
Jamaica’s Tourism Minister, 
says North Americans are 
spending surplus income on 
motor cars and home appliances 


“And there has been a last- 
minute swing away from 
travel.” 

Hotel occupancy levels this 
winter are running at about 70 
per cent — much the same as 
last year. Puerto Rico claims 
higher levels, but This is per- 
haps the result of the closure 
of five hotels, leaving the island 
with 7,500 guest rooms. 

Puerto Rico’s overall volume 
of visitors for this year is not 
expected to be more than last 
year’s 1.5m. 

The Dominican Republic, 
whose embattled economy earns 
just over 8200a from tourism 
in a good year, is also having 
difficulty attracting more 
visitors to fill its 5.250 hotel 
rooms. 


Barbados is mounting an 
intensive marketing programme 
in the US., Canada and Britain 
to attract more visitors. 

It is not just the change in 
North American consumer 
tastes which is harming Carib- 
bean tourism. 

Hoteliers also claim they are 
losing significant volumes of 
potential visitors to Mexico, 
where tourists get bargains With 
prices denominated in the often 
devalued peso. 

Some small English-speaking 
islands of the Eastern Carib- 
bean, such as St Lucia, are 
surprised u> find themselves 
suffering from the ' backlash 
from last October’s army coup 
and UB.-led invasion . of 
Grenada. 


By Francis GhTka: 

I dragados VconSItujg- 
TIONES; of Spain, has signed 
a contract- worth BlQOmto 

• - build a new commercial port 
" m the southenr Moroccan -ciry 
- ■■■■ of -Agadir.' ■ v . - - :■ • 
The contract 'will- .be ; financed 

, fry the Spanish Go varan ent 
. within the framework of -the. 1 
$550m worth of Spanish loans 
to finance : projects - in 
Morocco- agreed last- summer 
' when the two countries signed | 
a new fishing agreement ! . 'I 

• Provisional estimates pub- 1 
Listred by the Banque Maro- 
caine du Commerce Exterieur 
for the first .11 months of 
1983 suggest that the king- 
dom’s trade deficit deciiued- 
by dirhams 2-3bn (£202m) .to 
dirhams - ll.lba. . . Imports 
declined marginally but ex- 
ports increased, by i5 per 
cent ‘ 

Most notable was the .- sharp 
rise in earnings of products 
derived from phosphates, 
which are currently ..worth 
as much to Morocco as phos- 
phate rock. The value of such 
exports increased by 46.4 per. 
cent to reach dirhams 3brt 
Meanwhile tire-new investment- 
: codtf introduced in /1982 -ledb 
: to a 1 13' per cerrt'iBcreese; fn? 

foreign investment last year: 

. The fignre- of 352ra S&i Stiff 
modest and below the. authori- 
ties' ^forecast for the.:-ld8l- 
1985 economic- -development 

. plan. But if snggesfc ~fbat 
the potential ' for greater 

• foreign investment., is- -only 
beginning to be tapped. ‘ ! 


By Alan Friedman in Milan / 

APPLIED Computer Techniques 
(ACT), a Birmfngham-hased 
. (Sstnbutof find manufacturer of 
personal -computer^is'to supply 
:£ 2 m -worth of its new 'Apricot 
'line of computers to Italy. 

; . .The- Apricot ; personal; com- 
puters. which -were' launched in 
the UK market last October, are 
> to -retail. In Italy at an: average 
price of £2,000 each. 1 " The 
models include a; 04QK byte 

desk- top . .. computer; ;;with • a 
3$ inch Sorer-driven. : .micro 
floppy, disk . and more powerful 
versions with five aad tea i^ega- 
byte capacities* j-- 
- The :wmpaJ3F.\said -in'SHIan 
yesterdajr ^ It already signed 

contractsjto supply around £2&m 
'worth *o£ Apricot computers -in 
15 tountries.mJEurope and 'the 
Far East The ‘Tttl iaa . contract 
follows a - recent agreement to 
provide. £8m, worQL-in ; West 
Germany' -Vi" .... 

. jAeftY .which: recently launched 
. a f 17.2m rights issue. SmEohdon; 
is predictini: a doubling of tts 
turnover to £100m for the 1984- 
1985 financial yfcar. ■ 


Turkish -electricity 
contract warded . 


THE UK subsidiary oPiWegtfn g. 
house : of ’-the „• US. . has won a 
$20m; ' contract tor build- - a 
national load despatching Centre 
for The • Turkish t '-electricity 
mitborityTEK^al.GolbasL 12. 
miles, south- of Ankara. 'David 
Barr bard reported from Ankara. 

Westingtiouse. defeated bids 
from -.-.InTman^.'Sclmeider .and 
Cpgetex -of. France ' tp . win the 
contract ..v jv-W. 

Golbasl-wHT be the centre of a 


co-ordinated . energy tranm to- 
ri on-project-- 


Maha eorapany wins 
Libyan - pomp order 

ROTOS aURArA^if Malta Jhas 
woir an Slim ddntriict to supply 
20,000 submersible water pumps 
for Libya's 'General ^Company, 
for TarnTEqoipment and Agri- 
ctdtural. ' Necessities, • -Godfrey 
Grima-JSrites from Valletta. 
^1>eliveHes Will take .place at 
the fate of 3,000 pumps a-tnonth 
ahd .wffl <5mtinae untiL 1985. 
-;-.Rotos Ziraya^was set up in 
Salta hr l979 by '4heI5byan- 
Arab foreign . invest men f$oom- 
pqfly, . Libyan . Arab. Maltese 
Holdings, ' which " includes 
Maltese interests and Ratos 
Fampe of Jfuan^ ■ 


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;«.V: .- 




- vv.v-: 




Soon aftei; the entire landscaped area will again 
be in bloom. New industry. New housing. New leisure 
facilities. 

For generations, Merseysiders will be reaping the 
benefits. 

And the seeds we’ve sown in other Dockland 
areas are now bearing fruit. Thirty nine new factory 
units at our Millers Bridge site. The new BA.T 
Enterprise Workshops at Brunswick Dock. The 
transformation that’s taking place at Albert Dock- 
Britain’s largest Grade 1 listed building which, after 
years of decay, will soon, once again, become a proud 


vl 




How, in just 2Vz years, do you transform 250 acres 
of total devastation, oil tank farms and rubbish tip into 


first International Garden Festival? 

Many people said it would be a miracle if it ever 
happened 

Come and see it for yourself after it opens in May. 

It’s surprising what you can achieve when you 
plant a good idea on Merseyside. 

The Garden Festival will flower for just under 6 
months. In October the gates will dose. 

But that's not the end. It’s just the start 




[for Britain’s 







The future Is bright for Merseyside;: 

The changes taking place am viiabfe ; ; 
What’s growing on Merseysicte? Confidence; 
Find out for yourself.- 


/VyV^r 


UMWGmmE 0 NMERSEY 5 IDE 


: 051-2366090. 




yi*. 






i 






L 



Financial Times Thursday March 22 1984 



iSHP 

pm 


■jggg 

'im 

w 


Imagine. 

A personal computer that not only 
solves your business problems, but 
also gives you peace of mind. 

Because it arrives with a full year’s 
warranty. 

(Not the usual six months.) 

Because it’s maintained on your 
premises. 

(Not the manufacturer’s.) 

Because its instructions are 
computer based. 

(Not buried in an instruction manual.) 

Because it offers you a choice of 
free training courses. 

(Not an expensive seminar invitation.) 

Because it comes complete with 
telephone help. 

(Not a lonely wait.) 

Because it runs all the leading 
software. 

(Not just the manufacturer’s.) 

Only the Rainbow offers you all the 
solutions you’ll ever need 
(Not just the ones you want) 










UK NEWS 


Sun Oil rebuffs Britain 
over North Sea contract 


BY IAN HARGREAVES 


Esso plans £4.5bn 
British investment 
over next six years 


Miners fail to win suppt 
unions at power stations 


BY JOHN LLOYD, INDUSTRIAL EDITOR 

THE NATIONAL Union of Mine- fob Ball Mr Bay Bad 
workers (NUM) yesterday received secretary of fhe tana < 


leneral riVwtmfo reprasgrftp gtaf- 
'anion fordd^.and; 1 S?arwickslitre mi tv 


SUN OIL of the UJS. and its eight bly subcontract failed to meet price Sun’s position is that only Gota- BY RICHARD JOHNS 

I !- iL. D n ) I .!IC.U J. 1 1.1! - A— l I i i 11 TCCH TUf wwrfoniiw Snf 


setback to its efforts to broaden Astef, said last night “Wherever as, called taAeWdsh miners to 


partners in the Balmoral oilfield de- and delivery requirements set by verken, which has an excellent rec- ESSO UK yesterday 


velopment in the UK sector of the Gotaverken. 


ord in delivering semi-submersible I best results since 1979, 


North Sea announced yesterday Under the terms of an informal rigs to time and price, has -offered a veiled plans for a major increase m Sea. Esso insists that soppiyof Nw- “ g^u^d outside electricity rested so for daring the: dispute^ cross • .V? ;• r,-' : * 

that they will place a Q15m plat- agreement between the Balmoral realistic chance of completing the British investments. At CUhn, its wegrnn jas from the Sleipittr Sew __ and complaints of police “intfcnida- tn Scotland. the NUM has 

fora order m Sweden. TTte is de- Development Group and the Gov- rig by summer 1986. 1983 from 1890 wiD n0 J T E r ®^‘S e decasion came as the NUM tion” continued yesterday. In a feteed^banohaHdome^acddr 

sprte weeks of pressure by the UK eminent, the partners must place at Balmoral, like many other North } im f s *** reoozded for, velopment of any UK reserves. were havine increasing sue- statement the Labour Partylead® 1 -- nf « 


spite weeks of pressure by the UK eminent, the partners must place at Balmoral, like many other North 


Government for the order to be least 70 per cent of the E400m total Sea developments in progress, is a The Exxon group has a 40 per „ dissuadhjgminers from go- 


small field whose marginal ec o no m- 


The decasion came as the NUM tion" continued yesterday. In a fonsjd a ten on sM domestic driver- 
pickets were having increasing sue- statement, the labour Pa rty lea fed # t^jflaifcpttn pri&Btycases 
cess in dissuading miners from go- dip aid the 'toassvely expensive z&rf, ^ ofeW fr 


ing to work- The number of juts pofice operations present a serious •; - miMarsm firei>urharii 


ly disappointed by the decision and 


threat to civil liberties.’’ - ■f fo ft de o de d y esterday far 

In the Nottinghamshire Tom. Caftan, ■ 


, , ■ „ .. . w *--“'»*** -w— jKa uevBJuuiucuu ui u,u git*, » - . _. . 7TV , ,, , , . , _y: — . , . : ceSS m oissuouiug macuMuu«r . suii . gn e n Tfl ft Ki ra C wnwn rmw nrennalc 

P ^ ed ir^ nt S UL u c ■«, «, field development costs in the UK small field whose marginal econom- operahons betw«m stake in Seipner and mmto- to work- The number of - pits pofice operations present a serious ~ - 

_ Mr Ahck Buchanan-Srmth. the ^ B uc ^ anan _ SmiUl said he fcs could easily become losMnakmg nf m seen ?g ■ fe ?. draft c o °?^, r ^ woridng normally fell again to 34 threat to Civil liberties.” , <fe«^ yederday 

piergy Mini^r^said he was hitler- that this would be possible »f contractors' costs overrun. A cam- j- “nfiy concluded between last night Two often of tbe 175 ■ In the No tt in ghamshi re coaffield „ Caflan, 

hv 8w d«nsinn and ^XtfteTuSm ordeThad paign led by Shell UK is under way ^SiSSSnSS^ BritiArollieries were partly prod* .yesterday, poK(» made ^ M- 

lost Sun Oil maintain* that to convince UK contractor that po™ 12011 . winch still ^warts Gqy era- arrests; rndadiag 21 at linly-co^ W 

igreement wffl stfil be hon- they must cut tbeir costs by at least ^)STeS ment approvatb cmgfaffiUa 1 - Mj- David Hall, the chief con- fiery. Massed pickets hadprevented^ ^SSfoiaady Hpid?5''5I 

L 15 per cent UK’s P^ction^meanwMe.^w half the afternoon shift Wgobfc 

. . „ .. ^ » _i«i ^ m law ana woulfl De almost ranee committed eas developments cover- 


warned that he would c^efolly vet ^ 2ost s^/oa maintSns that toronvince UK contractas that poration, which stifi awartsGo^rn- ^ 

any future submissions by the part- the agreeS stfil be hon- they must cut their costs by at least n«nt approval being foiled. Esso 

ners. zZjr lSnercent sal drilling had run at a record level UK’s projections, meanwhile, show ‘rf 

-mi — 1 —. c-n~i cured. la per cent. v_ ^ J r. 1 . , , staol 


anj^future submissions by the part- least 

mS e Jpto^SaSdaSds,"SraiS ^ rm betwe€n Sun Oil, the Tbe partaerf 

"We willhave to scrutinise extreme- Dallas-based operator end domi- daysaid that comnutiMnts toUK ^^£1 ^ 
ly rarefuUy any future appUcatioi nant partner in the Balmoral group, contractors ahradymade would m- ^Ssified , 
for exploration licences or future a ^e Government lacks a recent and higher ca, 

submissions for development pro- precedentand has become some- the result of tb 

posajg - thing of a test case. to lend S400m (£278m) to Sim, mam- budget ] 

The Balmoral Development The Government fears that what *yon the security of the project it- sanh £ 353 m 


ment approval, bemg rumueo-asso ^ ^ ^ ^ 

UKs projections, meanwhile, show ^^jnch^ofco^rdinatiiigpo- 


Intensified exploration activity 
and higher capital spending were 


Esso UK expects to spend rather I last ri ght there were 1^0 men ac- 


nmre ltaElOOm on refining and tire/ 

. . . . . . . Tnfirbotimf m rwrtimlflp nn an iTn- Oft 


^keis from South Wales WMted- 
six miles yesterday to reach one 


to lend S400m (£278m) to Sun, main- ^wrw^thrvestomt ksTvear marketing, in particular on an im- Officials of tbe the E l e ct ric al and Staffordshire colliery in the; 

ly on the seciity ofthe project it- ^JS^-fteS^ttevSTS P«>vemeS of its Fawley {South- Phnnbing Trades Union, the Elec- lands after police sbm*Z &* - 

ic 1, .1 *1 smam Wi»iu uic wwouswi ui * •» c , “ T71 ! • * I. — . UR : j 


Group has placed the prime con- it sees as Son Oil's breach of the “r* 

tract for the semi-submersible pro- agreement to give “full and fair op- Dy s balance sceel - 


self, rather than against the compa- 


duction vessel with Gotaverken Ar- portunity" to British stqgdiers has 
endal of Gothenburg. A statement set a damaging precedent at the 


Sun’s partners in Balmoral are 
Union Rheinische (UK), Clyde Pe- 


but it will rise to at least £350m in 
1984. 

Mr Forster said he saw good 


current money terms «™«» 1978 - am P ton ) refinery's product mix. trical power Engineers’ Association, coach on the -MB muwnwg'.- ±bv jar neu^xurnmaL- leaner. « me 
hut it will rise to at least £350m in Last year the company again lost the General Muniripal and BaUer- miners wereanet .at flie^by^IO Labonr pao^;.yesaBa^ : i?ftsased 


yr.- The ^ Mr ;3fefl ' Knmrii^Oeader.^df Hie 


SftcpS^^TdftedS pro^toaS^in^. & r^r ^ ato^aroond," according to tio^^to advise members 


money from refining and market- makes Union and the National and poEcemen, mdngng faigta^occ^..'the. ^sffipn in the 
ing cperatkms, but there had been LocaiGovernmentOfficersAssoda- back.. - ' >/ 'iSgwrte ~ wiach is-n o t ( b la iie mg e- 


haj been nnanliiioua 
Tbe statement said substantial 


North Sea development 


■ r — 1 mh wnawiu amm unu , 

Mining Areas, Thomson North Sea, future for work on three North Sea i ' Qrster - 


portions of the work would be sub- that the rules might need to be 
contracted to UK yards, but it failed tightened if other operators follow 


Ministers hare been suggesting Arco < Carless Exploration and Goal oil fields in which Esso and Shell Esso UK is paying its parent com- 


Petroleum. 


have a half interest A project team pany a £595m dividend for 1983.’ 


tion have agreed to advise members The Welsh pickets succeeded in as '’dhpid md a'befrayd M4bfi na- 

to work normally. ... halting all cdal production. in. fte .tiotiaiiatere^-/ 

Tbe National Union of Seamen, Staffiardshire fidd, vrtilcii anploys e / Jdr K&noa adflwfc/Weire now 
however, said that their members 9,000 men. An NCB .qjokesimm - in a. stoation^-approathicg' stale- 


to make clear that the vessel will in Sun's example, despite the kn owl- 
fact be assembled in Sweden. A late edge that the industry would vigor- 


Thev have undoubtedly been wop- bad been set up for Tern, and an- part of which is coming out of re- had blocked 70 lonies carrying ooal said:"Only aband&Iof mmitiiraed mate ih' whidv the Onremment, 

* • . . * . . . • > • . • t . * -? f»n ■■ Iww w Kaamiiimv rarnA* «m fnA f-mmn rule- TVth emu fni^ - KrilfiRn ’—mmiili n n ill if n unrn 


ried by the Govern^d’s threats, other was expected to be formed tained profits from previous years, from Belgium from boarding fortes np at the seven ptsinthe area for having presented thtfurenaof con- 


bid by Highlands Fabricators, the ously resist such controls, which 
offshore yard owned by Brown and migh t in any case violate the Treaty 


although since most of them hare this year for Eider. Next on the 
only a minority voice in consortium agenda was tbe Gannet complex. 


Improved results last year were at Zeehraggeand later at Calais. ~ the afternoon shift Ther e ware not' flict. boftrby its tegtslafadnasd pofi- 


attributed partly to the writing off Train drivers in South WaJes wbo enough miners frg pro du ct i on to ries towards coal mining, now 


Root and Wimpey, to win an assent- of Rome. 


decisions, they are not likely to suf- 
fer too heavily. 


But Mr Forster declined to com- of the Milford Haven refinery in have refused to cross miners’ picket continue. 


ment on the status of discoveries Wales at a cost of £79zn. 


lines hare been sent home by Brit- 


The NUlffs 


STARTING 2 APRIL. 



Best Last Flight 




Of The Day Is Back. 


Pan Am 19.00 Jo 


- . BYOUB .• 

MR ARTHUR SCARGGL, fte Na- . add if i^ecpaT top 

tional Union of MmewDdteEs’prear w^h Tfest- Gmn any; -vribiefa Is fte. 
itent , win at tfams shp into the toI&j jfrGKfocer of 

Of Airf taWiimii of fte Wf«tHmiiil v.-<Era ^ -. : *• “»• ■ ; 

Goal Board. British cod,* he Will r.. A^spe^‘Sluc^e!t;ftetwo_ coun- 
claiin, "is fte dieapest deep^niped jaje^ ipdnstries.iindffliakien ktr fte 
coal in fteworid." 

He made fte claim x^wrfc year 

m tbe course nf a BBC rwSo productive effi- 

view this week, trying to- cbovihce- iiaHicy^ oh 'c^ ^acesv¥» ;British 
listeners of fte. .rjgMnasy, of^ lhe^ ftni^s'Windjr^wre be^r zn«3«mised 
toners’ case in jnesring fis: a irigh- iR iwAfr ^ »\jfi n gnH y <fifilareht from 
er coal burn, hi^Der sobsidies and- (bat ronlcomparable ‘frib^ af simi- 
higher wuges: Rtod siftstance is lariy medem'.imir^s^ m Ger- 
thereitoit? ' ; . • . -± L nmnyZi ','. ■ V: ’ ' , 

It is eertamljr true that it is fte” T^ieTnines'nraJdb'wefe compared, 
ch^>est cod in Europe, vftftre ; bo srevw, dM pot fteXaerman mines 
nwA til thertJal produced is.deep. .idightiy ahead-m pufraxirper man- 
mmed-The table below-shows fte ystuft— " fte standard measure of pro- 
level of oroducticHi suhsjdies granfc - Tbis was- eorpiained, said 
ed in the other membas rftite *Gennan 

xxipean Community; fte UK’te^iS'mmiagemen^basbeen sbteio close 
less than hitff ^its nearest rival. Non^ i nrffkaent 

production subsidies are a iso mndt Ijiite nioine" reait3jr- tbmi^ bus . been 

hisW - fiinnsh mminrifinnc ah> M^ iiowHlIn ifent* 1 ' -- ’’' 


New^btk. 


Pan Am has s om e good news for 
European business travellers. 

The 19.00 flight from London to 
New York is back. 

As it departs from Heathrow at 
the end of the day it's an easy con- 
nection from most European cities. 
It also means you get more time in 
the office before leaving. 

Then, after anenjoyable journey 
aboard a luxurious Pan Am 747, you 
arrive in New York at 20.45. In time 
fora good night's sleep. 

But it's not just the timing that 
makes this flight the business 
traveller's best choice. 


> 


Qipprsflmcrioa 


'wm m*«v^ ;>.£ 


Best Before. 

The Newark Lounge 

If you've some time to spare 
before catching the flight, and 
you're travelling First or Clipper® 


It's Pan Am's exclusive dub for 
First and Clipper Class passengers 
leaving on the 19.00. 

In this inner sanctum it seems 
a different world from the bustle of 
the airport. 

And,if you have done a full 
day's work, you'll appre 
date having a drink or 
two on us. 

Albert Nappin, the 
dub Steward, will do 
everything he can to in- 
sure you are well 
looked after. 

Best After. 

Free Limousine 

When you land in 
NewY>rkallis 
v quiet at the Pan Am 
SlAk a Woridport® So you speed 

_ s through customs and 
immigration. 


All is quiet on the roads too 
so you'll also speed into 
Manhattan. 


Ifyou'retravellingFirstor 
Clipper Class you'll arrive at 
your hotel in a lot more 
style than your counterparts 
on other airlines. 

Because, awaiting at JFK, 
there'll be a luxurious 
limousine to chauffeur 
you into Manhattan. 
Nochargeof course. 
Be sure to book 
this service when 
you make your 
reservation. 
With all that 
Pan Am offers 
the business 
traveller, 
we're sure 
you'll agree 
that Pan Am at 19.00 is the best last 
flight of the day. 

For information and reservations 


call your Travel Agent or nearest 

Pan Am office. 


highe r - though comparisons are aUV ac&eredln the UK.";:-'.:^ - 

but impassible because of fte iiif- - It isipredsety 'tii^ xtostie of uo- 
ferent social security systems; that ^ 'economic. aind inefficient thIs which 
in fte IK is fte only fuBy iniegrat- is fte paint 'at issue between the 
ed one, and thus the subsfafies-are NCB and fte mntecs m thepresent 
much lower. TBe i«hk oil invest- dispute. ;• ' 
ment, however, makes - tiesa fta^ "■ JinaHy, -rtule "Mr Scai^l is care- 
with the partial exception of West fot to say “de^i^rinedr ciwl, the 
Germany, fte European coal indns- - distinction between.' deep-mined 
tries are being rundown, while ftat. and strip-mmed cnalis not made by 
of fteUKtebemg sfeadfybnik^ fte r mmEefc Strrp^nrned coal is 
Still, Mr ScargflTs point is a good modi cheaper ftin^e^-inined be- 
one - for the cotmtries. cause of the much lower investment 

Figures for fte rest of . the world tocapital equqabent, which in turn 
are bard to obtain: but fte following reflecfc the ease of edatgetiing in 
figures give a good indication. The open-cast mines. t . 
present price of UK coal is £4fi a Mr lan McGregnr, NCB ' chair- 
tonne; this compares with £2i-£27a man, has .consistently hammered 
tonne for deep mined coal -to the home toe point ftat fte world price 
eastern U.S., and H6-EX9 a tonne of coal is gej^eraUy m^ 
for fte New Sooth . Wales fields of than ftat of tbe UK; and that while 
Australia. So the prices in these im- UK coeiLenjoys a .vkhial monopoly 
portant coal-producing regjctos are in fis froxnejamdmt, ftis is addeved 
as law as a ftird of that in the IK. <mfy by Government agreement 


| Tbe further argument advanced ftat fte market should be protect- 
byMrScargDlisthatfteUK isthe ed, not on grinds of price. . 


most efficiect coal producer. Taking The omdasion,- fttoi, is that Mr 
only the EEC again, this is probably ScargQ^s pqint is nefiher ^wholly 


true - but one must immRcGatdy . wrong nor wholly right 


SUBSUMES M SUPPORT OF CURRENT COAL PRODUCTION 


-iiTi'-- 


Inctodas aid to atoctria 
names lor 1979/93- 11 


INVESTMENT M COAL f»ROOUCTfON fCM> 


■ figures lor 1979/80- 1963&4 , 
Source- Europ ea n Cotm^askrn 





Aviation insurers suffer 
worst year for losses 


BY MICHAEL DONNE, AEROS^ACE COHRESPONDENT 


lounge at Heathrow, 



AVIATION INSURERS sutTered ' The Korean involved 240 

their worst year In 1983, with hull . deaths, 
claims atone exceeding $45to bfr Floyd said there were now 
(£3Um), compared with $290m fte signs of a more senable climate 
previous year. v." ®nergU)g in fte -aviation Insurance 

■ ... ' ^ ■ ■ . • - • - wflh jk Teductibn in the 

A tota l^of 2T w esten riwflt jets amount of ia iEresponsihle conqpetir 
were confirmed as t otal Josses, in- tioxL" He said he was c ono er ned 
dtofing four wide-bodied aircraft about fte difficulties of sateMein^ 
and induding the Korean Airlines’ surance. - 
747 daot down Jjy the Scrriet Umoa "Many miderwriters -fed ftat 

in August The Korean aircraft in- terms and conditions are aosafis- 
volved a >ar ridT loss o! S35m. : fastiot y, . and dp ; notl ^fic^ate. . 

«-iw- ™ . . . ' however, with the rectort loss of 

Mr Denis Royd, dwmnan.ol fte two ‘ satellites" immaied from-. the 


Pan Am.^ou Can't Beat The Experience: 


UK Aviation Ihsurance.Pffices’ As- fUK. space- ebnttiei *r-^ ^ 1 5tetern 

soaabon, said-ftat wide-bodied air- UnionSifeSSefefiAwani-- 


socmooii, sain toat wide- bodied air- Union and.ffe.fehmefe&'Gdvarb*-: 

Pfoving to te very ment'amofe^to;aea^ Wm.it 
^ whefter as is «s«rtial that we see. a sobstaa- 

losses. There were tial improvement ln the terms- and 
»» • deafts m W83 conditions offered tor-sdieDitoiiro- 

against 553 m 1982 and 355 In 1981. - 






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Financial Times Thursday March pr ; 


IVfcORBu 



EUROPEANS, having digested 
the hum burger, the hot dog and 
the dry Martini, must now brace 
themselves for the supreme test 
of the American way of life. 
Europe is about to meet the 
American cookie — or to be more 
precise, David’s Cookies, which 
are to the Manhattan cookie 
connoisseur what Bollinger is 
to the champagne trade. 

Cookies are one of those 
words and concepts created to 
demonstrate the gulf in trans- 
atlantic cultures. They are 
small, sweet-tasting; baked 
edibles, crisp on the outside and 
soft on the inside, and usually 
flavoured with chocolate in a 
way that Billy Bunter would 
surely have approved. They 
might pass for biscuits in 
Britain, but Americans put bis- 
cuits in their soup. 

The French and Germans pro- 
duce and consume delicacies of 
a similar type but they tend 
to have fancy foreign names 
and would not fool any Ameri- 
can child for a moment. 

David Liederman took up the 
cookie business professionally 
four years ago when he opened 
the first of what is now a chain 
of 31 take-away cookie stores in 
Manhattan. There are also 
about 70 franchised David’s 
Cookies stores, mostly around 
the New York-New Jersey area 
but ranging over 22 of the 
states of the U.S. Many are in 
well known department stores 
like Macys. 

His success has been In lifting 
the concept of the cookie, which 
has a role in U.S. tradition not 
unlike Mom's Apple Pie, onto 
the commercial plane. Most of 
the U.S. food manufacturers 
make cookies but they make 
them in the factory and sell 
them, packaged or in tins, like 
other food products. Liederman 
bakes his cookies right in front 
of his customers’ noses, treating 
them to the aroma of freshly- 
baked cookies that they 
associate with the kitchen at 
home. 

The king of the traditional 
cookie manufacturers is Nabisco, 
which bolds the Ban’s share of 
an estimated $2.6bn cookie 
market and recently bought 
Huntley & Palmer of the UK. 
Perhaps more serious for 
Liederman and his handful of 
fellow independent cookie manu- 
Procter & Gamble, the $L2bn 
Procter & Gamble, the $1.2bn 
in ann ual sales consumer pro- 
ducts group, of further expan- 
sion of its Duncan Hines’s 
cookie subsidiary. Competing 
with Procter & Gamble, but 
with uncertain success, is 
Pepsico’s Frito-Lay subsidiary. 

But Liederman would see his 
competitors among the other 
four independent manufacturers, 
of which only Cole National of 
Cleveland is publicly quoted. 
He is inclined to see Mis Field's 
Cookies, a West coast cookie 
maker now swiftly moving 






Spreading the 
cookie culture 


BY TERRY BYLAND 


towards his East coast home- 
ground, as his most serious rivaL 

Of Liederman’e success in his 
home market there can be little 
doubt. Four years of operation 
have taken the company from 
nothing to sales of $25m last 
year and predicted $50m in 
1984. 

Profits are less easy to estab- 
lish since David’s Cookies 
remains a private company, 
owned and managed by David 
Liederman. He will go no 
further than to say his profits 
are "substantial." 

More significantly, the com- 
pany which is operated by 
Liederman and a staff of under 
400 employees, has established 
itself in the highly competitive 
U.S. food industry to such an 
extent that Liederman says he 
has received merger approaches 


of one land of another from 
most of the major names in the 
U.S. food industry. 

The phrase “household-name" 
comes a little too trippingly to 
the tongue when speaking of 
successful food companies. But 
David's cookies seems to have 
earned this accolade in Man- 
hattan, where new catering 
ventures have a painfully high 
casualty rate. 

And now David’s Cookies are 
going overseas. This may seem 
a bold move for a one-product 
company whose one product is 
so closely linked to the culture 
of its home country, but Lieder- 
man is convinced that there is 
“greater potential for cookies 
outside the U.S. than in ft.” 

Last month David's Cookies 
opened for business in Japan 
in a link with Nissho Jwad 


which has reported "superb" 
sides. The Japanese trading 
house sells the cookies through 
only a handful of outlets at 
present, but wants to increase 
its coverage rapidly. Its 
department shire in Yokabama 
is selling $2,000 a day, accord- 
ing to liederman. 

And this month will bring a 
visit to laederman’s head- 
quarters — a fashionable town 
house on Manhattan’s upper 
East side— of a management 
team from Marks & Spencer of 
the UK which has shown In- 
terest in selling David’s 
Cookies through its range of 
high street stores. Nor is 
Marks & Spencer the first 
major UK store retaBex to have 
looked at David’s Cookies. Har- 
rods considered introducing 
them to Britain's top people a 
year ago but this plan was 
balked, says Liederman, by 
problems over the import into 
the UK of the refrigerated 
dough which is the key to the 
whole business. 

The management principles 
behind the business are simple. 
All the dough for all David's 
Cookies, including those 
enjoyed in Yokahama, is made 
by the company’s own factory 
in New Jersey. The big seller 
Ss the chocolate chunk cookie, 
for whit* Liederman’s master 
ingredient is the bitter-sweet 
chocolate made in Switzerland 
by Lindt 

Liederman also sells other 
cookie varieties in his stores, 
including pecan chocolate, wal- 
nut chocolate and raisin choco- 
late. 

When the dough is risen, as 
the cookie trade would say. it 
is packed into refrigerated 
boxes and taken either by truck 
or plane to the company- 
operated or franchised store. 

If David’s Cookies stores are 
attractive to the customers, 
they also have attractions for 
the budding entrepreneur. The 
chief expense and problem for 
the would-be franchisee is in 
finding, end affording, the 
store, on which the success of 
most retail enterprises depends. 

There is a franchise fee of 
$25,000 to be paid, and in all, 
Liederman claims that a new 
fran chis e can open for business 
•—outside M anha ttan — for 
between $50,000 and $60,000. 
This compares favourably with 
such obvious competitors as 
Macdonalds. 

David Liederman realises 
that to take his company into 
the international market will 
probably require a substantial 
upgrading in financing, market- 
ing and management. He 
maintains that he has so 
difficulty in finding finance 
from the banks, or venture 
capital sources. But he has no 
wish to seek a public flotation 
for David's Cookies or to hand 
over control. 


Advertising 


A consultation 





by FEONA McEWAK 


ASK today's youngsters what is 
made of letters but is sot print; 
what uses a video screen but is 
not television; comes up one 
frame at a time but is not a 
slide presentation, and they’ll 
recognise teletext 
But then they are examples 

of the so-called keypad culture. 

Push-button-happy kids to whom 

ABC means, knobs mi a key- 
board, who, raised on a diet 
of s mall screens, remote control 
and electronic wizardry, are 
totally, fluent with television and 

its gymnastics as an active, soon 

to be Interactive, medium. 

For users — and advertisers — 
of Oracle, the commercial tele- 
text medium, cousin to the 
Beefb's Ceefax, this has con- 
siderable implications. Hook 
your audience young and you 
book them for life. 

This was one of the messages 
of the Oracle “Talk Teletext” 
conference held in Jersey last 
weekend. 

Oracle is still a youngster 
itself. It is now in its third 
commercial year, but like the 
high-tech kids, it is maturing 

fast The learning curve, as one 

advertiser put it, is beginning 
to even out. 

It is as yet a small medium 
—if you can call an upmarket 

family audience of some 5m 
people small — and, as cable and 
satellite multiply the possibili- 
ties, sitting on the brink of 
something very big indeed. 

The future of teletext — an 
information technology in 
which the UK leads the world 


with some 97 per cent of the 
components market— rides very 
much in tandem with cable and 
its progress- The technology 
may be there, and the govern- 
ment's green light giveiL but a 
number of major hurdles 
remain — such as finance, pro- 
gramming, regulations, and, 
indeed, implementation. No 
one doubts the long hard road 
ahead. 

- In his opening address 
Norman Tebbit; Secretary of 
State for Trade and Industry, 
whose presence underlined 
Government support for inf orm.; 
ation technologies, urged 
British companies to seize the 
initiative. 

“The expansion of cable will 
have a significant impact on 
the expansion of teletext” he 
said. “The opportunity to 
exploit teletext is here for the 
taking. I hope British firms will 
be in the vanguard . . • before 

someone else does it for us . . . 

so that Britain gets the benefit 

of some of her own inventions.” 

Patrick "Whitten, m anaging 
'director of CIT Research, a 
communications' research com- 
pany, took up the clarion call , 
a n d also voiced his disappoint- 

ment that “very few financial 
institutions were yet committed 

to any great scale to cable.” 

Cable and satellite are 
symbiotic, not opposing, forces, 

he stressed, the one relying on 

the other for networking (in 
cable’s case), and for inter- 
active facilities (in satellite’s 
case). The convergence with 


teletext— which can be used on 
both cable and -satellite— pro- 
vides interesting: opportunities, 
he believes, tora dy grli ge rs, 
sponsors, publishers and\others. 

With . France;} V Germany,; 

Switzerland,/ - Austria, jScan-.. 
dinavia and . other \ countries 
moving towards cable,' by : the 
early 1990s' the pexcentage of 
West European homes "with 
multi-channel TVs could range 
from 13 to 29, as ' compared 
with some 7 or 8 percent-now-. 

As far as tiie UK- 6 con- 
cerned, Whitten estimates that; 
three In four homes could have. 

teletext sets by the early 1990s 

if thing s go welL . But if there 
should only be two in thxee, il 
would still represent a . mass 
market. -7 - .> ■ 

Gabletext (the delivery of 
teletext by cable) has, ’ in biff, 
view, great potential. It could 
generate between $500m and 
$L3ba of turnover in Western 
Europe . by' the - mid-1990s, 
depending o n Hi e progress xjf 
cabling. The UK's share of this' 
would be between 20 and 30 .pec 
cent ' '• C‘ : ' i-'-.Y 

Currently Grade’s credentials.- 
are these: an audience of- 5m ; 
from U5m TV sets, rising. - 
rate of 50,000 -sets a- month to- 
Jm by the fend , of foe-y^ar.' 
Pages are scanned for around 
two hours perhousehold a7 
week which, Oracle . HmCR; 
longer than for Breakfast TY.- - 
. Peak viewing hours are . 6 pin ' 
to 8 pm, says Whitten, witfa%7pm 
peak time—" people^are getting 
home and . switching on to ’ see , 


who won the iSLat^^smS,^: 
how Aisenal\*Hdv* T 
accessed are prei 
sport} TY "guide/-: 
and flmaxda^; Ho’: 

\ \ if :teiefext/8 

cated today, §o?pEak 

lies ahead. Ivqr : Cohen, mower 
pig ' director 

components 

pressed delegatear/Wi^^t^if 
imminent developmenta^.^.L'-v " 
*.* -Effectively 
improved 

styfcti& and a foo>ce 
tokrnxs." .- By fo**.* es4^<*&&eP 
decade he predjcttdt'^fiS; ‘ it 

- would- be " - possible J^t^ihave 
pictures one .teptb;,-Ot;jacroen ' 
sizewithout any iGSs-arqujtfity. 

This conld’r’havC' 

: w»uid".'be a." .-tiny’ j* 
house : together wiflr.ter-detafia: 
r / HUt^wbatishappenmnf 
The; sale* dixecforybf^i 

- Humphrity 'Metzggeit. a 

; major ; contract fBediflw- 
slop, .which ' “la 7dna7- : t» start ' 
'transmitting; r»ii om 


uperatcrrScHiider ^ \ > 

,M6k£ng5.teietexf‘ jnVaflajjtevtQ 
closedusec-; grfrapfcv<spec£aiist 
of codsnm ftnuraefe as 
. . .. <ard 

operators* .anjl- & -.also 

being explored- There are 
signs;ti>6th^7DEai3e^viewing ‘ 
. Will bfitteronioled bytheBrttish 
AndienCe Researcb }Boa?d by 
- theend 'of fofe year.: .» v . 


Some tips for tapping the medium 


TEST the efficacy of teletext 

while it’s stin cheap was the 

message from Mike Chapman, 
vice-chairman of OgUvy & 
Mather. Remember the 
pioneer advertisers on ITV, 
he said. Unilever, Procter 
St Gamble, Beeeham, an cut 

their milk teeth on TV when 

airtime was cheap. 

Teletext was most useful. 
Chapman suggested for pro- 
ducts whose purchase in- 
volved a high-risk decision 
and where consumers ware 
given a wide choice— such as 
home computers, cars and 
financial packages. These 
groups, as it happens, are 
the new stable of TV adver- 
tising. They are products 
which are bought infre- 
quently and about which the 
consumer is actively seeking 
information. 


fTinpmaw listed four aims 

of the teletext ad: to create 

brand awareness; encourage 
the decision to purchase; help 
short-list the brand and direct 

the consumer elsewhere for 

more information. 

fhapnan gave S 03 D 6 tips 
for using the new median 
effectively: make pages seH- 
contained (50 per cent of 
viewers drop out at the turn 
of a page); be brief; informa- 
tive; user friendly, easy on 
the eye; newsworthy, change 

tiie content regularly; easy to 

find, use tee regular -page 
number; and most import- 
antly. cross refere n c e — how 
do people know you’re there 
unless yon ten them? 

• Two years ago, Essa ran a 
North Sea exploration com- 

mercial as part of its corpor- 
ate campaign with a final tag 


lime directing viewers 7 -to 
Oracle for further dettihLAf. 
the end- hf the. Orade fir ,. 
course was an address ‘tvhere. ^ 
viewers could obtain even ; - 
fuller information- Over X.966 
replies -were received. ■ 
“Imagine what It would have; ; 
been K weM. given a tele- ;/ 
phone number," said Esso's- 
agency, McCanns. ' '}•:"} 

Cosmos ;Air ; Holidays, - 
which claims to be one of the ' 
top four UK tour operators, ' 
did not advertise for many 7" 
years. “Now yd u haveto fight ' ' 
for evetybooHngrightuptov 
the day .0* departure,” jsays--- 
Us assistant • commercial 
director. Peter Shanks-Last 
year vten the island of Kos 
lull a typhold scare, tourists 
were friiueadt dL "Within" . 
24 hours of ladvertiabig on 
Oracle. CKhtwa had stdd 20 - 



'.holidays, there, ".i '7 -V.-u; 7 : 

• McCa»n-Erfcksott, Crd«e & . 

- :vagency,}} , was . 
given .tee ; brief • oi ; confirming . 
tee vCOTB pa ny am-f gddffidad, 
moden^l/andt.Iielpfat^rt 
• decided ' to - 

addreSs torr ohtalaing a> free 

leafiefc - When: two^' dr - three 
Hnes^at teefbot^an Oracle. 
pagedir<ated _ tt»v4ewer5to 
npa^ - ptoewhtre^ the 
jiespcBise te^ubled^iHr&rise <rf • 
telrtexi also gtves. ^& K t- 
-nsefal malting 3ist} i 7.. , . 
^'TidiFMt OfflceTjpiillffiAeA, 

ageoente-^mmary ^iOndff.. 

.gfringnii j finrfnrteef 

.information-, On, o d} ,; tast-pex- - 
reply I} basl%;} ; Oradte •! was ‘ 
second : dreapfet: of-aamedla 


TECHNOLOGY 


EDITED BY ALAN CANE 


TACHOGRAPH ANALYSIS SPEEDED 


Route to better truck data 


BY LORNE BARLING 

THE BRITISH road transport 
industry, having endured the 
compulsory introduction of 
tachographs, is now becoming 
aware that computerisation is 
around the corner, offering con- 
siderable advantages and a few 
new headaches. 

The ultimate step is the in- 
cab computer, which could 
spark off industrial relations 
problems similar to the “spy in 
the cab” furore created by the 
introduction of tachographs. In 
the meantime, however, com- 
puter analysis of tachograph in- 
formation is providing new in- 
sights into many aspects of 
transport. 

It is just over two years 
since tachographs were 
required to be used In 450,000 
UK-based heavy commercial 
vehicles. Since then the en- 
forcement of drivers’ hours laws 
have improved considerably, 
but only now is tachograph 

data being more widely com* 
puterised. 

Tachographs charts, the discs 
on which vehicle information 
is recorded, have proved diffi- 
cult to analyse in large numbers, 
creating particular problems 
for Department of Transport 
inspectors who checked for 
irregularities. 

In an effort to avoid the long 
hours spent going through 
charts, the DoT approached 

Lucas Kienzle of Birmingham, 
the leading supplier of tacho- 
graphs in the UK, to provide a 
means of speeding up the pro* 
cess. 

The company was itself 
developing such a system, 
aware that some 3m. tacho- 
graph charts are now being 
generated daily by lorries in 
Europe, and that only a small 



It takes only a minute to enter all the data contained on 
a tachograph chart 


proportion of the data was 
being fully analysed. 

The result was the Lucas 
Kienzle modular fleet organisa- 
tion system, based on a Sirius 
One micro with chart input by 
means of a reader with a magni- 
fying lense and keyboard, 
winch allows each chart to be 
fed in within a minute. 

The company has now sold 
100 of the systems, and is 
encouraging the establishment 
of a national network of fully 
equipped bureau services 
where a transport operator can 
have analysis carried out on a 
few basis. Up to 300 of these 
are expected to be operating by 
the end of the year. 

The chart analysis system 
developed for the DoT Is based 
on complex software which has 
to take Into account that some 
vehicles operate only in the UK 
and are subject to national 


regulations. while others 
operate both at home and over- 
seas and are then subject to 
international laws. 

In addition, account has bad 
to be taken of the need for 
checks to be carried out cover- 
ing falsification, bent stylii on 
the tachograph and other dis- 
parities. The DoT is now test- 
ing the system at It enforce- 
ment centres and pressure on 
vehicle operators to adhere to 
the law is being increased as 
the result. 

The Lucas Kienzle fleet man- 
agement software works from 
the same database as the DoT 
equipment, and gives operators 
a far more detailed account of 
particular aspects of vehicle 
use. 

The software on the 16-bit 
Sirius One is capable of hand- 
ling data on vehicle fleets of 


about 200 units and the data 
can. be arranged into 56 
columns, as decided by tbe user. 

Although it is unlikely that 
computers in the cab will take 
over the role of tachographs In 
the foreseeable future, they are 
already being tested as a means 
of recording tachograph data 
instantaneously and monitoring 
other vehicle functions. 

This promises to eliminate tbe 
need -for manual transfer of 
data to fleet management com- 
puters, but it bas yet to be 
shown that a system in the cab 
will withstand the rigours of 
the road, and whether unions 
will accept this additional moni- 
toring device. 

Another problem yet to be 
solved is the lack of reliability 
of sensing devices which need 
to be fitted to parts of the 
vehicle for monitoring. It is 
pointed out that unless these 
can be made more accurate, 
there is little advantage in 
recording data from them. 

The manual input system 
offered by Lucas Kienzle can, 
in the meantime, provide infor- 
mation on average speeds, fuel 
consumption, delivery times, 
vehicle productivity and a host 
of other functions. 

In time, it is expected that in- 
cab computers will also become 
available for Beet cars and 
van3, but due to the fragmented 
nature of the industry and com- 
plexities of system design, 
the ebangeover is expected to 
be slow. 

At present, Lucas Kienzle be- 
lieves it is preparing the way 
for operators to become 
accustomed to handling com- 
puters and data, and to specify- 
ing and testing their software 
requirements more adequately. 


PHILIPS' PLANT DESIGNED BY IMPERIAL COLLEGE 

Computers lay out 



ROBOTICS MAKER AIMS FOR GROWTH 

City finance for Pendar close to 


3TY INSTITUTIONS have 
averted nearly flm in a 
mall high-technology com* 
any that started eight years 
go when three of its founders 
rere made redundant. 

A consortium led by the 
aval Enterprise fund is 
a eking Pendar, a company 
ased in Bridgwater, Somerset, 
nd which specialises In 
jbotics and environmental 
intro! hardware, with 
WO, 000. The outlay gives the 
roup a minority stake in the 
jmpany. 

Other members of the con- 


sortium are Granville Venture 
Capital and Equity Capital for 
Industry. 

Penv’ar started after three 
engineers employed by SM.C., 
a pump manufacturer in 
Somerset, lost their jobs. Dr 
Rick Ballard, John Clegg and 
Martin Tapp persuaded two 
colleagues — Dr Bernard 
Capaldi and Mike Novela— to 
join them in a new venture. 

Each man put into the enter- 
prise £500. Apart from this, 
the company financed itself 
until 19S2. Pendar then 
received some £160 009 from 


the Welsh Development Agency 
and 31, the venture capital 
group, to finance a robot 
factory in Ebbw Vale. 

Last year Pendar received 
another £300,000 through a 
deal with Bloxwich Lock and 
Stamping, which gave this com- 
pany a minority stake. 

Pendar employs 50 people 
and will sell goods and ser- 
vices worth around £2m in this 
financial year. Next year sales 
should rise to about £3m. 

The company sells robots 
initially developed at Birming- 
ham University and Surrey 


University. Tbe company sells 
control equipment, for example, 
to the water industry and also 
does contract R and D. For 
instance, Pendar is working on 
a new kind of computer- 
controlled heat pump for Calor 
Gas. 

Dr Rick Ballard, the chief 
executive, says the company 
now aims to grow ” very fast ’’ 
and to obtain a stock exchange 
listing, perhaps through the 
unlisted securities market 
within a few years. Pendar 
plans soon to move its premises 
to Bristol. 


RESEARCHERS at London’s 
Imperial College are modelling 
on computers the layout of one 
of Philips's TV factories as part 
of a project to bring advanced 
automation techniques to British 
industry. 

The project involving the 
Dutch multinational is centred 
on the company's plant in Croy- 
don, south London. Workers at 
the college have fed into a com- 
puter details of production pro- 
cesses and the rate at which 
components are assembled into 
finished products. 

At a later stage, the re- 
searchers will advise Philips on 
whether to apply to the factory 
robots and other automated 
hardware teat could assemble 
parts more efficiently. 

The work with Philips is one 
of several research contracts 
that Imperial College’s robotics 
centre has set up with industrial 
partners. 

The centre, established at 
the end of 1981, bas contracts 
worth some £1.2m spread over 
three years. Companies have 
put up roughly half this cash, 
with the rest coming from tee 
Science and Engineering 
Research Council, SERC. 

Imperial College is one of a 
number of academic institu- 
tions in Britain that are 
collaborating wrtfc industrial- 
ists on automation schemes. The 
SERC is spending £l.8m a year 


to bade university researchers 
in such collaborative projects. 

Academic institutions parti- 
cularly active in this .area 
include Hull University, which 
is working on new generations 
of robots with vision, and Bate 
University. The latter is 
designing robots that are ver- 
satile and supple enough to 
polish brass fittings such as 
taps. The industrial partner is 
Walker Crosweiler, a company 
in Gloucester. 

Later this year, the SERCs 
activities in robots and auto- 
mated systems are due to be 
regrouped under a new direc- 
torate of the coundL This will 
be called the ACME unit-short 
for Application of Computers to 
Manufacturing Engineering. 

Prof. Tom Husband, director 
of Imperial College’s robotics 
centre, says that companies are 
less inclined to view universities 
as ivory towers and more likely 
to enter with them into indus- 
trial projects. 

“ For many companies, 
robotics has come very quickly 
onto the scene. So executives 
do not mind admitting that they 
know nothing about the subject 
and are happy to come to aca- 
demics for advice.” 

Work at Prof. Husband’s 
centre spans several depart- 
ments of the college, including 
mechanical and electrical en- 
gineering and computers. Some 


.• r K 


25 academics at the college wozle 
for at least some of the time frir 
the centre." - r \ • 

A lot of - today's -industrial 
problems can - be eased; says 
Prof.. Husband, with- straight- 
forward technology. " British 
industry has still to digest a lot 
of technology. We need high- 
technology research not . so 
much for today's industrial diffl- 
cullies hut those of 1994.” ; = - 
In other research projects 
with industry. Imperial College' 
is working out ways" to evaluate 
the reliability of robots^' .The 
industrial partner is Unimation, 
the robot maker. . ' ‘ 

Researchers are collaborating 
with Rolls-Royce and Lucas In- 
techniques to design turbine 
blades under computer control 
and to assemble automatically, 
small motor components. . . ^ 
The robotics centre has also 
established a l ink w it h a 
company in London, RD Pro- 
jects. which pays for r««arch 
at the college and translates' 
this into products which ft sells 
to industry. ' J >". 

In tills way, for example,- RD 
Projects has developed a robot 
to which can.' be added vision, 
hardware, enabling the machine 
to " see ” what it isr doing. The 
robot is to' be sold by Hazmac, 
a subsidiary of Thorn EML 

PE TE R MARSH 





. . GENERATING SETS 



•>-, rV - 

• r ' - 

DaJcEfecnk of 

BectadwBafli&ks, ,i- - 

T«h 0723 SMI4L Telex: 5Z163 


Communications v 

Elecfxorii^v; 

mail 

AN ElfCTRONXC mail 
sdrvfee which can connect any 
Unix or Xentx-biaseil . system 
anywhere In tee werUL to any 
other, has teen laupched by 


Logics uses i the system 
itself and. more than 599 
teinlmh in several countries 
are already- en. ; foe; system. 
Unix . systems, are connected 
to Xogfea’s. central computer 
fo i tiadea which codes 
c o mp uter ; digits so . that- they 
cm be transmitted over foe 
telephone line, v • ' 

- Each user . hu . a unique 
electronic “mkflbax ** .. -to 
which all commmdcations. are 
stored. . The user cheeks foe 
mailbox at wRL More details 
frum- Logies on 91-637 ISLL 


KRUPP ATLAS ELECTRON1K LAUNCHES MARINE SYSTEM 

Brighter pictures for radar 


IN THE latest marine radar 
from Krupp Atlas Elektronik of 
Bremen a 26 inch television pic- 
ture replaces the conventional 
rotating line display. 

In the traditional display, a 
bright radial line performs a 
rotational scan about the centre 
of the tube face in synchronism 
with the rotating radar aerial. 
Reflections from objects in 
each direction of tbe aerial are 
used to build up a picture of 
the ship’s surroundings. 

The TV approach, which has 
already been used by Racal- 
Decca and other radar makers, 
takes the reflection data 
generated along each radial 
direction, digitises it, holds it 
briefly in semiconductor storage 
and then reprocesses it into 
horizontal line data to give the 
same picture. 

The result is a brighter image 
that does not fade behind the 
rotational sweep as in conven- 
tional radars. The fact that 
the picture is scanned in hori- 
zontal lines and is being re- 


freshed some 40 times each 
second, means teat tee whole of 
the picture is seen at the same 
brightness. In addition, tbe 
brightness level is much higher 
than in the conventional PPZ 
(plan position indicator) rota- 
tional display. 

A 26 inch diagonal green 
phosphor tube is used on which 
the circular display is re-written 
to a diameter of 16 inches to- 
wards tbe right hand side of the 
screen. The spare space result- 
ing on the screen at the left is 
used to display data imme- 
diately relating to the radar 
picture. 

For example, tbe range (and 
range rings) from own ship’s 
position are simply increased 
or decreased by a "plus or 
minus ” button in a group of 
sealed membrane buttons on a 
panel to tee right of tee tube. 
The display on tee tube face 
itself shows these figures alter- 
ing as the picture on tee screen 
gets bigger or smaller. 


“ Targets ” ..(other. Alps) are. 
acquired by^ tjsing a roUinar baR 
control to 1 position a cursor over 
them. Then;' on tbe more 
advanced models, a computer, 
works out the direction of the 
ship and where, it will be in a . 
certain ' time, marking; . 
vector line on the screen ahead' 
of tee vessel and displaying tee 
numbers oh foe screen panel -to 
the left This . panel is also- 
used to. display such items as 
operational mode, own ship’s 
data, alarms - and . failure 
diagnosis. 

Target 'trails of adjustable 
length for all moving targets 
facilitate rapid 'orientation ' to 
traffic situations. 'A new centred " 
true motion display maintains 
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Financial Times Thursday March 22 19S4 


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A scene from M 42nd Street”: “direction and choreography have been maintained in sparkling order” 


The No. 1 1 Bus/Elizabeth Hall 


Max Loppert 


Peter Maxwell Caries' latest 

attempt to press his well-known 
artisrtie preoccupations and 
insignia into a mould of popular 
entertainment was on show at 
the Elizabeth Hall on Tuesday 
night. The .Vo. ?i Stis, as staged 
in the second half of a Fires of 
London concert, proves to be 
a music-theatre pantomime of 
sorts in which conventions of 
the medieval Passion play and 
arcana of the Tarot pack are 
implanted upon a contemporary 
setting — in this case, a bus nde 
on the route from Liverpool 
Street to Hammersmith — in 
such a way as to conjure up 
a kind of Judgment Day jollity. 
The composer, also his own 
librettist, has tried tin his own 
words) " in a gentle and light- 


hearted way. to concern us with 
some luce problems, even touch- 
ing upon the Creator's real 
identity." 


A mime (Simon McBurney), 
part Mas Wall comic, part tradi- 
tional fool, opens and closes the 
proceedings; in between, he 
plays bus jester — tramp, tourist 
with suitcase — while three 
singers (Mary Thomas. Donald 
Stephenson, Bnan Rayner Cook) 
dll the various roles of ordinary 
passengers, and two dancers 
(Ann Dickie, Tom Yang) those 
of bus troublemakers. The six 
Fires instrumentalists and their 
conductor (Gunther Bauer- 
Schenk) double as passengers: 
there is a constant interming- 
ling of levels, of visual pun. 


antique symbol, and knockabout 
humour, with pathetic, ironic, 
and macabre insert-episodes to 
suggest the work's wider con- 
cerns. 


The score calls for a clutch of 
noise-making devices — lion's 
roar, klaxon horn, “ ghetto- 
blaster " cassette recorders 
armed with pre-recorded tapes, 
etc — lineally descended from 
the array of earlier Maxwell 
Davies music-theatre pieces; but 
here, their purpose Is to amuse 
rather than io shock or dis- 
concert. 


On a first encounter, the 
overriding weakness of The 
No. 2 2 Bus would seem to be 
that, unlike Bniien in similar 
vein. Maxwell Davies evinces 


an embarrassingly uncertain 
gn.sp of the desired dramatic 
tone, an unidiomatic command 
of popular humour, and an un- 
fortunate knack of substituting 
the palest whimsy in their 
place. There is a desperate 
shortage of bold, unpredictable 
invention on any of the levels 
on which the piece intends to 
operate, the musical not ex- 
cepted (from my own experi- 
ence of the Maxwell Davies 
canon I would guess that this 
is his most faceless, un memor- 
able score)- In fact, had I not 
known, from the programme 
listing, of the work's distin- 
guished provenance. Z could 
easily have mistaken it for an 
end-of-term lark by a group of 
precocious fourth-formers. 


Tennstedt's Mahler/Festival Hall 

David Murray 


New York theatre 


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A year ago in New York, 
Arthur Miller was sniffily say- 
ing that Broadway was all 
Dream girls. The constituency 
of the audience, he Implied, was 

f iredominantly that of a mind- 
css gaggle of gawping tourists 
paying out large amounts of 
money . for meretricious spec- 
tacle. 

New and serious drama is In- 
deed under threat here, as in- 
deed It is in London. There 
are many factors, involved: ris- 
ing costs of production, a loss 
of entrepreneurial nerve, short- 
age of talent But Jonathan 
Miller, lately in New York for 
the Metropolitan Opera presen- 
tation of his Little Italy fUga- 
letto, surely went too far in 
pronouncing Broadway a sewer 
where no self-respecting, decent 
or even half-way intelligent 
person would, or should, be 
caught With his hand in his 

packet '■ 

Swinging to the other end of 
the censorious spectrum. I Was 
reminded of the remarks of a 
Provost of Glasgow who de- 
nounced the work of the Citi- 
zens' Theatre without ever 
having seen it: “You don't have 
to go down to a sewer to know 
that it stinks." A few days of 
intensive theatregoing in New 
York have so far confirm ed the 
instant impression on arrival 
that while the big mindless 
spectacle does indeed prosper, 
there are plenty of compensa- 
tions both on. and off Broadway. 

And, anyway, who could pos- 
sibly object to the mindlessness 
of 42nd Street . still running at 
the Majestic, when it contains 
in Jerry Orbach’s playing of the 
Broadway producer one of the 
classic musical comedy per- 
formances' of our time? Gower 
Champion's direction and 
choreography have been main- 
tained in sparkling order and 
it would be a bold champion in- 
deed of Rigoletto who dis-. 
missed as. either mindless or 
worthless the music and lyrics 
of Harry Warren and Al Dubin. 
As a stage version of a great 
film. 42nd Street is incompar- 
ably . superior to London's 
Stagin' In the Rain. 

The' sequence where Mr 
Orbach talks the young hoofer 
Peggy Sawyer (beautifully 
played by Karen Ziemba) off 


the train and into the lead role, 
building through the amazingly 
seductive ** Lullaby of Broad- 
way " staging to an almost 
callously executed kiss on the 
lips, is not just mindless, 
expensively dressed waffle. Not 
even that. It is pure theatre, 
and the people who flock to 
42nd Street in their thousands 
can well survive without patro- 
nising lectures from faskmable 
opera directors. 

** Musical comedy — the most 
glorious words in the English 
language!" declares Mr Orbach 
and the house erupts. The most 
glorious words on the Broad- 
way stage, however, are being 
sput at the Plymouth in Hike 
NichoTs absolutely spellbind- 
ing production of Tom Stop- 
pard's The Real Thing. Frank 
Iiip&ius has already reported on 
the performances of Jeremy 
Irons and Glenn Close. Miss 
Close I bad never seen before. 


ence as a film slar. most recently 
in The Right Stuff. Frank Rich 
in the New York Times has 
even gone so far as to say that 
the case for Shepard may at 
last be made with the public 
through the author's film cele- 
brity. 

I doubt if this will happen. 
Shepard, in my view — and I 
have not disguised this opinion 
for ten years — is the most 
talented and important contem- 
porary American playwright 
Fool for Love at the Douglas 
Fairbanks (In a production by 
the author that has arrived off- 
Broadway via the Magic Theatre 
of San Francisco and the Circle 
Rep) is a shattering piece of 
work, not as complex or bril- 
liant perhaps, as Buried Child, 
but extraordinary nonetheless. 

Fool for Love anatomises the 
love affair, between Eddie and 
May. They are in a motel on 


Michael Coveney takes in musical 
comedy, Stoppard and Shepard 


She has a wonderful unaffected 
quality, warm and direct She 
and Mr Irons — who I normally 
find a little wimpish — play 
superbly together. 

Mr Nichols’s scenic elisions 
are breathtakingly efficient and 
I must say the sets of Tony 
Waff an arc far superior to those 
of Carl Toms in London. I sat 
in on The Real Thing at last 
Saturday’s matintfc: it was a 
joy from start to finish. 

Stoppard's most overtly emo- 
tional play (although Tom 
Courtenay and Julie Walters 
have revealed a new resonance 
in the Manchester Jumpers) 
features a writer hero who says 
he is hopeless at writing love. 
Stoppard has shown he is very 
good at it indeed and so. in 
their very different ways, have 
Sam Shepard and Wendy 
Wasserstein. 

The sustained success here of 
two Sam Shepard plays, True 
West and Fool for Lore, is ex- 
plained in some quarters as be- 
ing related to Shepard's emerg- 


the edge of the Mojave desert. 
An old man, their father, sits 
in a rocking chair by the side 
of the action. When Shepard 
appeared in Terence Malick's 
Days of Heaven, the film made 
you think about Edward Hop- 
per. So does Fool for Lore. It 
is a dead of night, strange and 
bewitching play, full of aston- 
ishing physical gesture and 
emotional and verbal energy. 
The gnawing destructiveness of 
jealousy is deflected by Stop- 
pard in a civilised, witty man- 
ner. Shepard, as much a 
wordsmith as Stoppard but a 
free-wheeling original poet of 
the American landscape to boot, 
serves up his jealousy raw. 

Eddie and May — who are 
played by Will Patton and Moira 
McCanna Harris, very well — 
throw each other against the 
grimy green motel walls and 
stick there. They crawl and 
grovel around the steel bed 
which at one point Mr Patton 
lassos, post by post, while con- 
structing a poisonous riff in anti- 
cipation of May's expected date 


("I’m gonna turn him into a 
fig”). 

The motel is slashed with 
car headlights after the arrival 
of the date (Stephen Mendillo 
is extremely funny in this role) 
and the play moves on to what 
I always call, for shorthand, 
Shepard's Greek tragedy level. 
The action slBris moving back- 
wards in time white the obses- 
sive inccstuousncss of the 
relationship is stripped away 
to its domestic origins. Tequila, 
lights, memories and rccrimini- 
nations accumulate in a drama, 
tic wash that would certainly 
allow you, not for the first 
time, to see Shepard as a hip 
and comparably gifted suc- 
cessor to Eugene O’Neill. 

Shepard has never been 
presented on Broadway (or. for 
that matter, on Shaftesbury 
Avenue) but whether he could 
succeed like Arthur Miller or 
Tennessee Williams with a vast 
popular audience is a hot topic 
of debate. I really don't know. 
But for as long as Fool lor 
Love packs them in at the 
wrong end of 42nd Street, New 
York, pace Jonathan Miller, will 
be an important theatre town. 

Next door at the Playwrights 
Horizon, Wendy Wasserstein's 
Isn’t it Romantic is another 
hot off-Broadway ticket and 
another good and lively play 
about heterosexual love. It 
follows the friendship of a 
cooky Jewish freelance writer, 
Janie Blumberg, and her 
WASPish soulmate Harriet 
Cornwell. Harriet ends up 
working for Colgate Palmolive. 
Janie for Sesame Street. The 
play deals in their relation- 
ships with parents and boy 
friends and is neatly con- 
structed, very funny and beauti- 
fully presented (the direction 
is by Gerald Gatlerrez, the sets 
by Andrew Jack ness). 

It asks, most entertainingly 
and of course pertinently, 
whether it is possible for a 
woman to have a career, a 
husband and children, while 
simultaneously swimming twice 
a week and keeping up with 
the new navels. One of the 
great Broadway lyrics, “Take 
back your mink.” is given a 
lively new twist The admirable 
cast includes Cristine Rose, 
Lisa Barnes and Peg Murray. 


Klaus Tennstedt and the 
London Philharmonic would 
probably have drawn a full 
house for Mahler's Fifth Sym- 
phony even without the help of 
Dcark m Venice; but anyone 
who first met Mahler through 
Visconti will bave had many sur- 
prises on Tuesday night. With 
Tennstedi’s players on keen 
form, his gift for bold, world- 
of-nalure sound colours was 
exuberantly exercised, and the 
comic tumult of the Rondo 
Finale was tremendous. Like 
most of the Symphony, the 
effect was of very loud chamber 


music, each Line ripely indivi- 
dualised and hardly a point of 
the crowded score lost. In a 
much gentler vein, the preced- 
ing Adagietto beautifully flexi- 
ble— was set out with similar 
dexterity and canny lighting. 

Still working backwards. I 
shall remember Tennsiedi's 
Scherzo for its Liindler, rollick- 
ing comfortably, and for its 
brilliantly managed switches of 
tone — as grotesque and sudden 
as Mahler surely meant them to 
be. About the opening Traucr- 
marsch and the "Stilrmisch 
bewegt" movement I was less 


confident. The one proceeded 
at a basic tempo so elegiac as 
to carry no forward pressure, 
with the fiercer episodes crash- 
ing in like hostile irruptions; 
the other was urgent enough, 
but lacked the edge of steely 
irony which is required to keep 
ix in order and to ensure that 
the Scherzo will make a new. 
friendly contrast. Tennstedt 
must have in him a whole view 
of this huge, inconvenient sym- 
phony. but be didn’t quite pro- 
duce it this time. 

The concert began with 
Mozart's “Haffner" Symphony. 


K. 3S5. It sounded affectionate, 
but hustled — the outer move- 
ments. very quick indeed. lost 
details amid the rush, and in 
fact the taut interplay of the 
first movemenr was softened 
and smudged. The miraculous 
poise of the score made little 
impression; some lovingly 
tended passages were no com- 
pensation for the missing sense 

of contrapuntal electricity — 
and. if it comes to that, of the 
patrician assurance of Mozart’s 
writing. It was more like a 
romp with an irrepressible, en- 
thusiastic St Bernard puppy. 


Black Mas/New End 

Martin Hoyle 


The company Foco Novo con- 
tinues in its indefatigable 
search for new writing. It 
pauses in mid-tour — Scotland 
is yet to come — with John 
Constable's slightly overwrought 
gallimaufry of myth, mas- 
querade and magic. Of theatri- 
cality there is plenty; of drama 
rather less. 

Carnival time in Trinidad. 
Into a seedy hotel stagger a 
harassed white couple: pop-star 
Rose, played by Carole Harrison 
with nasally truculent cock- 
neyisms that occasionally recall 
Beverley in Abigail’s Party, and 
her laid-back Scots manager- 
boy friend. The crowd outside 
is getting out of band; but the 
threats of sexual danger give 
way to less-definable menace in 
the Hotel Thread, with its 
spider, cheerfully sinister owner 
and sudden visit by a death 
figure. 

The latter Es a white West 
Indian landowner of the old 
ascendancy, Marduke — the 
name, he reminds us. of one of 
the nastier Babylonian gods. 
Snarling over the flaunting ly 
sexual Rose leads to abuse and 
embryonic violence. 

Though enjoying gangster- 
like status on his own territory, 
Marduke has problems. 
Cuckolded by his wife, he con- 
templates murder and suicide. 
The play’s climax comes with a 
game of Russian roulette played 
by proxy, when he forces Rose 
to fire at him. 



_ Alastair Muir 

Trevor Butler (left), lan Reddington, Carole Harrison and James Snell 


The plot is shot through with 
references to myth and legend, 
threads as viscous as the sym- 
bolic spider’s web that has 
trapped the characters, that 
instead of enriching the play's 
texture merely clog it. It 
emerges as a mixture of Black 
Orpheus, grand guignol. and 
Cocteau — with a dash. I could 
have sworn at one point, of J. B. 


Priestley in supernatural mood. 

The author engineers confron- 
tations and set-pieces without 
letting them grow naturally 
from the dramatic situation or 
bringing them to any natural 
conclusion. Notable among the 
display pieces is a sequence of 
seance, trance and possession 
for pop-star and manager which 
epitomises the consciously 


theatrical and, as such, is 
treated with all stops out by cast 
and production. Here Roland 
Rees whips up as much excite- 
ment as possible and is ably sup- 
ported by his actors. Mr Con- 
stable’s writing certainly shows 
command of all the necessary 
trappings; but the play leaves 
one hungry for more solid sub- 
stance. 


Arditti Quartet/Purcell Room 

Andrew Clements 


Tuesday night’s programme in 
the Park Lane Group's British 
String Quartet series should 
have included works by Alan 
Bush (his long neglected 
Dialectic). Cowie and Hoddi- 
nott, performed by the Medici 
Quartet But the group's viola 
player sprained his wrist, and 
the early-evening slot was 
taken over at short notice by 
the splendid Arditti Quartet, 
who offered pieces more charac- 
teristic of their corner of the 
contemporary quartet literature. 

All three items had been 
heard recently in London, and 
two of them — Ferneyhoagh’s 


second quartet and Harvey’s 
quartet — are available on 
record. But to hear again in 
less congested circumstances 
Britten's early quariettino 
(premiered at last year’s 
marathon SPKM gala) was a 
delight. Of all the Britten 
scores to have been unearthed 
since the composer’s death it 
is surely the most extraordi- 
narily precocious. 

The Arditti played it with 
great verve and panache. They 
really are a quite exceptional 
collection of players; one has 
been able to follow the develop- 


ment of their account of the 
Ferneybough over several 
years, and to hear it gain 
steadily in excitement and con- 
troL Now perhaps it is taken 
a shade too brilliantly, dis- 
patched with a fraction too 
much ease, so that the tension 
is reduced- In Harvey’s unchar- 
acteristically coherent work, 
however, they injected an 
element of passion that was 
quite new, welding the work 
into such a unity that one 
accepted the more awkward 
moments (the recurring 
Messiaen-like tune especially) 
without question. 


Muti to take 
over La Scala 


Riccardo Muli is to be the 
next music director of La Scala 
opera house in Milan, starling 
from the 1986-87 season. 


Muti, 42, permanent conduc- 
tor of llie Philadelphia 
Orchestra, cannot take up the 
post immediately because of 
heavy international commit- 
ments. 


Claudio Abbado, the current 
music director who has led the 
opera since 1968 and whose con- 
tract expires at the end of 
April, is expected to continue 
to guide La Scala until mid- 
19S6. 




Arts Guide 


Musie/Monday. Opera and Baffat/Tuesday. Thsatre/Wednes- 
dey ExhtotttaTt* /Thursday. A selective gukfe to afl the Arts ap- 
pears each Friday. 


March 1 6—22 


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Exhibitions 





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LONDON 

1CA: William Morris Today - a docu- 
mentary for the 150th anniversary 
of the sage's birth, celebrating his 
ideas and principles rather than his 
practical work in the arts and crafts. 
Moms was a romantic and vision- 
ary, one of the most important of 
Bntish theorists of early, idealised 
Socialism; and if his vision has man- 
ifestly tailed to be realised, it re- 
mains nevertheless in so many re- 
spects admirable and always 
honourable. He was a designer of 
genius, though a poor painter and 
indifferent poet - and in the Longest 
run it-is as a designer that his work 
will stand. Ends April 29 


with Homer and Bakings proves 
abundantly that the New Worl d did 
not have to wait for the contexnpo- 
dary period to affirm a powerful 
identity of its own. Grand Palais 
(2615410). Closed Tue. Ends June 1L 


ter Roth and 100 works of five nco- 
Expressionists. Ends April 1. 

WEST GERMANY 


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-PARIS 

WQHsni Bo o gn er eaat An exhibition 
which continues the present 
re habili ta tion of art of the 

. second half of the 19th cenbxry. Pet- 
it Palais. Cire—d Mon. Ends May 6 
(2851273). 

CarnffleOendehTO sculptures accom- 
panied by paintings, drawings and 
engravings prove the individuality 
of Rodin's p&pil who, through her 
teaUsm and, later on, a sense of the 
■ theatrical,. found her own way. Mu- 
see Rodin. Closed Tue. Ends June 1 1 
(7056134). 

Masterpieces of Americas Painting 
1766-1818. More than 100 paintings 
- among tfwn Whistler's . Mother, 
SargeatSMadame X and Mary Cas- 

. sa lt’ s Impressionist work - span 150 
years of American creation. The 
panorama of realistic portraits, dra- 
matic landscapes, genre scenes and 
symbolist pwmiiwg s culminating 


NEW YORK 

Cazuor Sculpture Centre: Set against a 
spectacular view of New York atop 
the World Trade Tower. 35 Rodin 
sculptures are displayed in the en- 
largements and reductions carried 
out by Rodin collaborator and re- 
producer Henri Lefaosse. One World 
Trade Center. 165th storey 

Metropolitan: Rembrandt Vermeer, 
Hals, van Ruisdael and Steel are 
BT prrn g the 17th centaiy master 
pieces from the Royal Mauri tshu is 
Picture Gallery it* The Hague taking 
up te m p o rary res iden c e in com- 
memoration of 200 years of Dutch- 
American diplomatic relations. 

Ends April 15. 

WASHINGTON 

National Gallery: Thanks to its popu- 
larity, the Aztec show of artifacts 
from the Spanish conquest to the 
1B78 excavation of Tenochtrtlan - 
the largest show of its kind ever in 
America - will extend its run to 
spring. Ends April L 


CHICAGO 


Museum of Con temporary Art: With 
the assertion: The arts in West Ger- 
many today are dynamic and 
strong and constitute one of the 

most impotanl amrees 
porary art trends in Europe turn 
America,' this recent Chicago inshr 
tutiofl is putting on three German 
shows, of artists Rebecca Horn. Dm- 


TGMugeu, Kuosth&lle: Edgar Degas. 
The most comprehensive Degas ex- 
hibition ever shown in the Federal 
Republic. More than 200 drawings. 
p»ei»k and oil sketches document 
all periods of the French impres- 
sionist's oeuvre. Ends March 25. 

Bielefeld, Kiinsthalle. 5A. Ladebock- 
strasse: A Picasso exhibition focus- 
ing on the artist's depiction of death. 
Ends April 1. 

ITALY 

Venice: Museo Corren Until a year 
ego, there was not a single painting 
by this Venetian master to be seen 
in the city (there were in fact two — 
but in private collections). The local 
council has now acquired two large 
nnri ypfcwiift painting” with inter- 
esting documentation concerning 
their rest or ation. 

Florence; Casa di Buonarroti - via 
Ghibellioa Raphael and Michel- 
angelo -open until the end of April 
from Sam ostil noon (closed Tues- 
days). 

Some: Galleria di Palaao Spada. Piaz- 
za Capo di Ferro: Beautiful seven- 
teenth century palace containing a 
fine fniwtjq n of painting s of the 

same period. The building has been 
dosed for restoration lor soma time 
and reopened this week. It is also 
posphln to visit the Room Of The 
Four Seasons, normally dosed, with 
its b eautiful mouldings by Mniawii 
The charm of this gallery is that it 
has kept its character as a private 
patridan art c o lle c tion. 

Guggenheim Foundation - Palazzo 
Gu ggenheim : n ^niiy rfiwwl io win- 


ter but opened especially for a small 
exhibition of 10 paintings by Jack- 
son Pollock. 

Florence: BibUoteca Laurentiana: lat- 
est, and final exhibition in a series 
dedicated to Raphael this year. This 
one mainly concerned with docu- 
mentation on his life and artistic 
background. 


VIENNA 


Out Of Steppe and Oasis: A colourful 
exhibition of treasures from the 
high desert plateaus of Turkestan, 
the heartland of Central Asia, 
stretching from China to the Caspi- 
an Sea, many brought back by 19th- 
century Viennese travellers. A dis- 
play of artistic skill applied to 
household articles and clothing, car- 
pets, saddlebags and especially je- 
wellery, that a nomadic people could 
carry with them on their camels. 
Museum of Ethnology (VSIkerkun- 
demusaum). Until April 30. 

Albertina -Collection of Graphic Arts: 
Some 300 water colours of the Aus- 
trian artist Rudolf von Alt are exhi- 
bited, covering a prolific and long 
career from the 1930s to the early 
20th century. His subject matter 
throughout is mainly Vienna's hand- 
some streets and buildings, caught 
in many moods and seasons, with 
and exactness of architectural de- 
tail. There are also some sumptuous 
interiors and delicate mountain 
scenes of the Salzkammergut re- 
gion. Alt's paintings give a 
sympathetic, even loving, record of 
Austria during its period o! Imperial 
greatness, with a ref resh i n g 
lightness of touch and sometimes an 
almost impressionist use of colour 
and light Eads April 29. 


Saleroom 


Antony Thomcroft 


THE MOST important sale of Old 
Master drawings for almost 50 
years will be held at Christie’s in 
London on July 3 when, through the 
trustees of ihe Chatsworth Settle- 
ment, the Duke of Devonshire will 
dispose of 70 drawings, including 
works by Leonardo, Raphael, Rem- 
brandt, Rubens and Van Dyck. 


worth, in Derbyshire. They were 
acquired mainly by the 2nd Duke of 
Devonshire in about 1700. He pur- 
chased at the sales of Sir Peter Le- 
ly's collection, and acquired a major 
group of pictures from the son of 
Rembrandt’s pupil, Govaert Flinck. 


The drawings, which could bring 
in about £7m, were offered to the 
British Museum through private 
treaty negotiations for a much low- 
er sum, perhaps £4m. The British 
Museum and Agnews, the London 
dealers who are advisers to the 
Chatsworth Estate, could not agree 
a figure for their value, however, 
and Christie’s was asked to prepare 
for an auction. 


The 70 drawings come horn a col- 
lection of about 2,000 at Chats- 


The sale, which goes on view in 
New York in May, is expected to be 
the mast important miction of Old 
Masters since the disposal of the 
Oppecheimer collection in 1936. 

Prices for some of the drawings 
could exceed £500,000. in particular 
a study of a man for the figure of St 
Paul in the “Sacrifice of Lysbra" by 
Raphael, landscapes by Rembrandt 
and a study of saints by Mantegna. 

The Duke of Devonshire sold a 
Poussin a few years ago to raise 
money for an endowment fund to 
preserve Chatsworth House. 


The Aldeburgh Appeal 


fla i bb Hewy Moore OM CH Sir Parr Ptm CBE 
“ Ev ayoac who value artistic excellence and who enjoys the 
hi gtiwa itanifanl of iwfhin^ imitf Burly hr mnegtned irilh 
the preservation of one of Europe's most exciting centres tor ] 

Elisaboh Schwarzkopf Pteddaa 
Friends of du ALidnagh Foundation 
Safcgnzd (he fotxre of Soapc Makings Concert BaBaad 
the BriOes-Vtiars School lor Advanced Mosul Stadies 
SeadadenatiooiDthe Jots the Fricods of the 

Akfchnh Appeal Akfeb*4bRmdatfcm 

AldebmAFoaodatitm (F), High Stnet, Aldebur&t, Suffolk IPI5 SAX 
HUpktme Aldebwgk (072 885 J 29)5 



... y-y. *> s.- y.\. .. 4 . 





Concord Mariner. 

water-resistant quartz watches, in gold or steel and gold 
measure lime with elegance and Swiss preciston 


% CONCORD. 


The London H*on Lid 

fortlane. London wt 


Dowd Mona ftinctmkyJawcita 

38 Condw Start. London W1 73 Brampton ROM 

HonwH. Kft0mbMQfc London SWt LomfenSV/3 

Cvton T«wr.CMo^n Rom. London Swi 1 79 New Bond SiiMtAumvO Company Ud 
ChucMHanL Portnun Squm. UwjcfiWI London W1 165-169 Nam Bem Sneet London W1 

pm an tno Part. Horn* on Place. London Wl 


S ! 


r 


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NEW ISSUE 


AH these securities having been said, 
this announcement appears as a matter of record only. 


March, 1984 


Ireland 

Japanese Yen Bonds of 1984 — fifth Series 

15,000,000,000 Japanese Yen 
7.6% Bonds due 1994 

Daiwa Securities Co. Ltd. 

The Nikko Securities Co., Ltd. The Nomura Securities Co., Ltd. Yamaichi Securities Company, 

Limited 

The Nippon Kangyo Kakumaru Securities Co., Ltd. New Japan Securities Co., Ltd. 

Sanyo Securities Co., Ltd. Wako Securities Co., Ltd. Kokusai Securities Co., Ltd. 

Merrill Lynch Securities Company, Dai-ichi Securities Co., Ltd. Okasan Securities Co., Ltd. 

Tokva Branch 

Osakaya Securities Co., Ltd. Tokyo Securities Co., Ltd. Yamatane Securities Co., Ltd. 

Goldman Sachs International Corp., Smith Barney, Harris Upham International Incorporated, 

Tokyo Branch Tokyo Branch 

Salomon Brothers Asia Limited, Bache Securities (Japan) Ltd., The Chiyoda Securities Co., Ltd. 

Tokyo Branch Tokyo Branch 

Hinode Securities Co., Ltd. Koyanagi Securities Co., Ltd. Marusan Securities Co^ Ltd. 


Meiko Securities Co., Ltd. 


The Toko Securities Co., Ltd. 


Toyo. Securities Co., Ltd. 


Vickers da Costa Ltd., Jardine Fleming (Securities) Ltd., Kidder, Peabody & Co. Incorporated, 

Tokyo Branch Tokyo Branch Tokyo Branch 


Tokyo Branch 

Ichiyoshi Securities Co ., Ltd. 
Maruman Securities Co., Ltd. 
National Securities Co., Ltd. 
Towa Securities Co., Ltd. 
Daito Securities Co., Ltd. 


Tokyo Branch Tokyo Branch 

The Kaisei Securities Co_, Ltd. Kosei Securities Co., Ltd. 

Mito Securities Co., Ltd. Naigai Securities Co., Ltd. 

Nichiei Securities Co., Ltd. Takagi Securities Co., Ltd. 

Utsumiya Securities Co., Ltd. Daifuku Securities Co., Ltd. 

The Izumi Securities Co., Ltd. The Nippon Securities Co., Ltd. 


Okatoku Securities Co., Ltd. 

The Shinyei Ishino Securities Company, Limited 


Chuo Securities Co., Ltd. 
Hiraoka Securities Co., Ltd. 


Algemene Bank Nederland (Ireland) Limited Allied Irish Banks limited 

Amro International Limited Bank of America International Limited Bank Indosuez 

Banque Nationale de Paris (Ireland) Limited Barclays Merchant Bank Limited 

Chase Manhattan Capital Markets Group Citicorp Capital Markets Group 

Chase Manhattan Limited 

Credit Commercial de France Hill Samuel & Co. (Ireland) Limited 

The Investment Bank of Ireland Limited Manufacturers Hanover Limited 

Orion Royal Bank Limited Ulster Investment Bank Limited S.G. 'Warburg & Co. Ltd. 


Chase Manhattan Capital Markets Group 

Chase Manhattan Limited 

Credit Commercial de France 


Financial Tims 

INTERNATIONAL APPOINTMENTS 


banking 


• The INDUSTRIAL BANK OF 
JAPAN has Informally named 
vice-president Hr Kaneo Naka- 
mura, as its new president, and 
the LONG-TERM CREDIT BANK 


will be based in the bank’s New 
York offices. He joined to bank 
in 1979 as manager, trading, 
international money markets. He 
was most recently vice-president. 


joined Texaco’s marketiiigr _ dW 
partment in - 1954, -and., most 
recently has been chairman of 
the board of Texaco SpA. which 
conducts petroleum manufacture 
i no and marketing- activities in 


jgflHnfcs Jr, rag senior- vicfrpfesi- 
' dent .. Hr "Glllin®: will ’head the 
: ILS. corp o ra te ..banking division 
: . which: jcopcaattate^-- on Portun. 

; BOO conxpanies 

• The board nfFI0jELCOR.INC, 

PhiJadep^UparentVctHQpany of 
Fidelity -Bank,, has 5 elected. Mr 
■ H a ro ld as dhmrman and 

: chief executi ve e fflqer;- and 1 air 


b^ chai^r for ftwa.in TokyaMr Masahlsa 




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End of UK’s first manager-grilling centre 


BY MICHAEL DIXON 


AFTER TOMORROW things 
•won't be what they used to he 
in British executive recjrolV 
meat Hay-MSLr— which without 
. the "Hay-“ introduced large- 
scale management-selection con- 
sultancy to this country - 28 
years ago — Is finally quitting 
its original offices In Stratton 
Street by London's Mayfair 
Hotel and settling down lock, 
stock and barrel to the south 
of Green Farit in Victoria. 

Goodness knows haw many 
candidates . must have passed 
through tile Stratton Street 
interrogation chamber* on their 
.way to new heights or to dis- 
appointment. I’m one of them 
myself, as It happens. 

Gome to think of it, given the 
Chancellor of the Exchequer’s 
decision last week to bump up 
the .tax on cigarettes but not 
on pipe tobacco. I might have 
been facing a richer future if 
it hadn’t been, for MSL. 

I’d been a confirmed pipe- 
smoker for years when in 2867 
X was sent along for wetting at 
Stratton Street by another 
newspaper which I had asked 
to employ me to write a new 
kind of regular feature article. 
Just going In through MSX/s 
door was an unnerving experi- 
. exice. So as I stood in the wait- 
ing room wondering whether 
the mirrors an tLe wadi were of 
the two-way variety. I hurriedly 
filled and set fire to ay pipe' 
which was a curly one not 


unlike a miniature saxophone. 
And 1 kept It going at the cost 
of a couple of boxes of matches 
throughout the grilling that 
followed. 

The interviewers’ report, 
when it came through, turned 
out to be complimentary with 
the exception of two salient 
criticisms- 

One came in the section com- 
menting on toy personal 
characteristics. ** Smokes pipe." 
it said, 4 ‘ in shape and conduct, 
of undergraduate standard." 
That influenced me to change 
to cigarettes and, although I’ve 
tried to revert to a pipe from 
time to time, T have never again 
felt comfortable smoking one. 

The other adverse comment 
by the MSL interviewers was to 
the effect that there wouldn’t 
be any milage in the new kind 
of regular feature I proposed to 
write. Whether they were 
correct only readers can judge. 
Although the newspaper which 
sent me along to Stratton 
Street wouldn't let me do that 
kind of article, the FT which I 
joined soon afterwards did. We 
called it the Jobs Column. 

One of the other — in this 
case evidently altogether satia- 
fied-nandidatts who passed 
through the Interrogation 
chambers in those early days 
consequently became the finan- 
cial adviser and director of a 
private treat corporation based 
in London, which advises on 


ftyi/i manages the financial and 
legal affairs of the private 
shareholders of a big commer- 
cial group. Being due to retire 
soon, he has asked Hay-MSL to 
find Ms successor. 

David Bennell. the consultant 
in charge, may not name the 
trust As always when a 
recruiter mentioned in this 
column cannot Identify the 

client, he therefore promises to 
abide by any applicant’s request 
not to be named to the 
employer without specific 
permission. 

Candidates should be accoun- 
tants who after qualifying with 
first-rate marks have been 
successful in advising indivi- 
duals and corporate clients on 
all aspects of financial and tax 
planning, preferably covering a 
range of countries. Ability to 
manage a team of professional 
and supporting staff is also 
wanted. Knowledge of German 
and/or Dutch would help. Tact 
and talent for elucidating tech- 
nical questions in a Jargon-free 
manner are Important too. 

Salary about £30,000, with 
annual bonus at chairman’s dis- 
cretion. 

Mr Bemj ell’s colleague 
George Howard is seeking 
another accountant, one of the 
"select band" who have experi- 
ence of senior-level accounting 
in the reinsurance field, to 
work In one of the more 
salubrious countries of the 
Middle East. 

The salary is about US$60,000 


free of local tax. Expatriate 
perks include furnished accom- 
modation, school fees for 
children, medical cover and so 
on. 

Inquiries about either open- 
ing to the consultant concerned 
at Hay-MSL’s new interrogation 
centre: 52 Grosvenor Gardens. 
London SW1W OAW; telephone 
01-730 0255, telex 206922. 


Solicitor 


A TAX-ADVISER’S job in 
London is also being offered by 
headhunter Bernard Baboulfcne 
on behalf of a small but grow- 
ing firm of solicitors. It wants 
another of same, probably aged 
under 35, to join it as a salaried 
partner willing and able to be- 
come an expert- taxation 
-generalist” by progressively 
taking over the work of advis- 
ing individuals, trusts and com- 
panies and 90 qualifying to 
bead an expanded tax depart- 
ment 

Salary £15.000-£25,000. Equity 
partnership likely in about 
three years. 

Inquiries to BLB Consultants. 
10 Richmond Avenue, London 
SW20 SLA; tel 01-542 SS7S or 
540 5534. 

Contracts boss 

AN ENGINEER with demon- 
strable success in managing the 
contracts procedures of mech- 
anical engineering or petro- 
chemical companies is sought 


by consultant David Johnson of 
the Macclesfield office of Jack- 
son Tjylor International 
Associates. 

The newcomer will be con- 
tracts manager for a manufac- 
turer of industrial capital 
equipment, and have responsi- 
bility for negotia t ing and 
organising contracts from initial 
inquiry to the commissioning 

stage. While the base is in 
north-western England, there 
will be plenty of travel to client 
companies’ sites in the United 
Kingdom and overseas. 

Salary at least £25.000 and 
more if justified by experience. 
Perks include a car. 

Inquiries to Mr Johnson at 2 
Hibel Rd. Macclesfield SK10 
2AB: tei 0625 618327, telex 
587259 Recpar G. 

Sage counsel 

ONE OF the favourite activities 
of all of us oldies is giving 
other people the benefit of our 
experience if not wisdom. The 
trouble for most of us is that 
we can't usually get anyone to 
listen, for more than a few 
moments anyway, unless we go 
to the expense of bribing them 
to do so with several rounds of 
drinks. 

But Peter Gardlner-Hill and 
Peter Needham who, with one 
or two other Peters, run G ar di- 
ne r-H ill Needham Executive 
Counsel in London have man- 


aged to fix things so that 
numerous people not only travel 
to their offices to listen to their 
advice, but pay for the privi- 
lege withal. 

The founding Peters started 
the company amid the flood tide 
of executive sackings about 
three years ago, specialising in 
what at the time seemed to be 
just about the only growth- 
sector of business in the 
country, redundancy counsell- 
ing. 

Today, they tell me, people 
who have lost or are about to 
lose their job constitute less 
than half of the company's SOO- 
strong clientele. Moreover, only 
about one in every five 
of them has the cost of GHN’s 
services paid by the employing 
organisation; the other 80 per 
cent pay the fees themselves. 

The company now needs an- 
other senior counsellor, aged in 
the late 40s at least, with 
copious experience of general 

and other kinds of management 
preferably internationally and 
with failures as well as suc- 
cesses to look back on. 

Pay while learning the new 
trade in first year at least 
£15,000. Equity share earnable 
later. There’s a preference for 
candidates who even if their 
name is Peter, would be willing 
to be called something else. 

Written applications to Mr 
Gardiner-Klll at 16 Hanover 
Square, London WlR 0AU. 


I Fund 
* Management 

£15,000 -£40,000 

<j:in //nvifalwii 

The Michael Page Partnership has established 
itself as one of the leading recruitment 
consultants in Stockbroking and Fund 
Management. have a constant demand 

from clients for experienced analysts, fund 
managers and dealers (particularly with 
experience offapart and the Far Hast) and are 
therefore inviting applications from candidates 
to discuss thtir current position and prospects. 

Interested candidates should contact 
Martin Constable, Banking and Finance 
Division, 23 Southampton Place, London 
WC1A 2BP or telephone him on 014045751 
quoting reference 337L 


I Mich 

Interna 

Binning 


Michael Rage Partnership 

International Recruitment Consultants 
London Nriw\brk 

Birmingham Manchester Leeds Glasgow 


rship i 

iltants I 

Glasgow I 


Risk Investment 


fTTl 


Mfiif 


TMENT 


The Head Office Division of 3i develops included funding capital projects, lending with and 

investment opportimities, often in special risk without equity participation, and providing equity 

situations, prmcipafly with fisted and larger private and loans Jot management buyouts and recoveries, 
companies. It wifi invest op to £35 million in any The Division currently has 10 executives working 


uriiMin whs 




one proposition. Recent assignments have 


in three and is ex panding. 


We are looking for: 


ContxoBeis 


Analysts 


You are interested mbecouxinghzvtdvedin the 



The total remuneration package will be folly 
competitive in the financial sector. 


You have imagination and an analytical mind! 
You will work with oilier members of the 
Division to identify and research special 
situations which may lead to investment 
opportunities for 3i. 

You have the following profile: 

Age: 

Mid-20s but possibly early 30s 

Background: 

Good university degree plus some experience of 
economic and financial analysis. . 

Other Essential Qualities: 

You must be able to communicate ideas and to 
present information dearly and concisely. 

These are new staff posts with possible career 
development to a line position- The post may 
appeal to someone in the research function of a 
stockbroker who wishes to move closer to the 
derision-making process. 


Please send a current CV to Julian Burnett, 
Personnel Manager, Investors in Industry pic, 
91 Waterloo Road, London SE1 8XP. 

Tel: 01-928 7822. 



The CREATIVE USE OF MONEY 


Age 27+ 

Excellent salary + benefits including car 

Oucdient is one of the leading Financial Service Organisations. It is nowseeldngto 
appoint a young individual to take control of the day to day management of foe OS 
Ponfoho. 

You win have a sound track record, based over several years in the investment 
field, and win. specifically have travelled to obtain direct experience of US 
investments. You are now looking to take more responsibility as part of a 
progressive career step. 

An excellent r emuner ation, package is offered, with salary negotiable, 
commensurate with experience^ 

Please write, with career details in the first instance, ; to me Robin W ithe ii dga, 
Consultant to foe Company. All applications win be treated in strict confidence, 
and your name win not go forward urril you have been briefed and have given 
your consent. 

Busttiptw Devetopment CansuHante Qnjf'matrrtnal) Limited 
63 Mansell Street London EI SAN 



Expanding 


ht Holborn area 

requires mature 
experienced 


CHARGES OFFICER. 

Circa £10,000 
Write Box ABS42 
Financial Times 
10 Cannon. Street 
London EC4P 4BY 


APPOINTMENTS 

WANTED 


ECONOMICS POSITION 

Pan-Iima position in an international 
Institution in London is sought by 
an a* -Ambassador's wife m her 
lata thhtraa. Residing In the UK. 
Nar education at both British and 
American Institutions of wary high 
standing includes an Economics 
Masters Deome snd fluency in fiva 
languages (inducing Arabic). 

Has travailed widely and Has axien- 
aius international connections. 

Write Bom G3538, Financial Timas 
10 Cannon Street. London EC4P 4BY 






Bcthk Recruitment Specialists 

B INTERNATIONAL BANKING 

B r \ £25-30,000 + benefits 

r^sitibiir cheat is a European bank with a strong domestic base and an extensive international network of branches and sub- 
^MSB Saari es The bank is long established in London, where coulraaed expansion of business now creates two significant career 
Ma '^jyn mi(ptig in the following key areas:- 


n 


Utilise Your Selling Experience . . . 

— Exempt Funds — 


CityBased Envisaged Earnings c£40 v 000inc.Bonus+ Car 

We have been retained by a majorUK financial institution to find an experienced sales 
executive to be responsible for madeeting their exempt funds to a varied and expanding private 
sector and local authority client list. 

Ideally, experience will havebeen gained either in an insurance or stoddbroking 
environment. 

Energy; sales ability, drive and motivation, to extend the diene base are essential aspects of this 
demanding but highly rewarding opportunity The remuneration package will be excellent and 
highly negotiable, the figure above being given merely as an indicator: 

Interested applicants should write enclosing a full curriculum vitae to Roger Tipple, MA, 
Manager; Banking and Finance Divisrori,Michad Page Partnership, 23 Southampton Place, 
London WCIA 2BP quoting reference 3372 or phone 01404 575LThe strictest 
confidentiality is guaranteed. 


n 


L_ 


Michael Page Partnership 

International Recruitment Consultants 
London NewYoHc 

Birmingham Manchester Leeds Glasgow 


_l 


% mroiNG/SHIPPING 

The position of Credit Manager involves fuU responsibility 
'for development arid, management of the breach's Joan 
^portfolio, amajor part Of which is in shipping. Other areas 
indude commercial loans, participations in syndicated 
loans, documentary . credits and guarantees. The Credit 
inanager wfll control a department of some fifteen staff. 

^For this appointment we should like to meet seasoned in* 
•ttroationai baflJaiS who possess successful marketing 

"track records, encompassing both shipping finance and 
lending to other industries. 


TREASURY 

The post of Treasurer is a new appointment, involving 
responsibility for overall funding, financial manageroenr 
and Bank of England relations. In particular, this will in- 
volve management of branch liquidity, control of short- 
term cash flows, the preparation of financial statements, 
taxation, and supervision of the branch's F/X dealing 
activity. 

The successful candidate will have a broadly based inter- 
national banking background including considerable ex- 
perience in treasury management, particularly the funding 
of lending operations. 


fa candidates are I&rfy lobe aged 3545, with sound academic or professional qualifications coupled with ap- 
^<SSte^SS^indkaied. Both positions report direct to the London Branch Manager. 


In the first instance, please telephone or send a detailed curriculum vitae 
to Ken Anderson, who is advising the bank on these appointments. 


^Anderson* Squires, a 1 O • 

f&ggzgfa ot-m 6644 Anderson, Squires 




Managing Director 


£ 20,000 

plus 
>rofit share 


for a new Scottish based company 
being established in high technology 
steal fabrication, strongly linked to On- 
shore and oil related markets. 
Turnover is projected initially beyond 
£3 mHfion, with adequate fencing for 
growth and diversification. 

The rote is a co m prehensive one. 
embracing pr o fit responstoBty and the 
direction & an existing management 
team. Plans cafl for a mqjor 
commitment to growth and 
devetopment 

Proven success in general or 
commercial management at board 
level within a simitar engineering 
environment is foe key requirement, 


wniiBiuai managenteiu ai uuaia ITAbaroatri 

A leveiwithin a similar engineering Edinburah E 

environment is foe key requirement, mourg 

Arthur Yburtg McClelland Moores & Co. 


A MEMBER OF AMSA M EUROPE AND ARTHUR VOUNO MTEMMWNAI. 


stemming most probably from 
technicafknowiedqe backed by 
sound commends! experience and 
(hive. 

Salary is negotiable beyond 

£ 20,000 plus profit participation. 

Age: 35-40. Location: East of 
Scotland. 

Please write in complete 
confidence to PeterCrafeie as adviser 
to the company. 

Arthur Ybung McClelland Moores & Co, 
Management Consultants, 

17 Abercromby place. 

Edinburgh EH36LT. • 







Hjjuaw . 




Financial ^Srnes 


mi 


LAW AND 
PRACTICE 
OF BANKING 

ApsHcationa are invitad (dr a 
LECTURESHIP irt tha LAW AND 
PRACTICE OF BANKING WMM« 
In the Oeoanmant of Manage- 
ment Studies of tba Unfversny. 
primarily to lecture to the under- 
graduate course In Backing and 
Finance. The appointee wfll rise 
be «n Associate Member of tha 
Loughborough Banking Contra. 

Applicants should possess a 
relevant degree and/or protoa- 
ataml qualification and banking 
experience. The appointment Is 
lor three years In the first 
instance; wetting salary In tha 
scale £7,190 to £14,125. further 
dearflg end application forma 
from Paid Johnson, Ettabilsh- 
mant Officer, quoting ref. no. 
84/14 MS. 

Loughborough Leicestershire 



Chairman 
WalesTburist Board 

Tbe Secretary of State for "Wales is seeking to appoint a Chairman 
for the Wales Tourist Board, a Government funded body responsible for 
stimulating die growth of tourisn throughout the Principality: The 
Chairmansbip 3 regarded in Wales as a major public appointment, involves 


HI v/n fcTTJ ■ Vrii T TT7r ft'i'/ti it r» f*- ■ ■ »r — -t 1 1 - 1 » t y 


British Tourist Authority: 

Providing leadership to tbc Board and to die 80 strong executive 

toarrij t he (Chairman plays a major role in the development of policy and 
■qrafygy for mavimiqng tfrff iw nfthp finanrial Tesaarces and paupers 

available. 

Candidates aged 40-55 will have a track record of eflectreeleader 


successful candidate will be someone 



•w ith die cultural history and fabric ofWehh society 

The appointment will be for three years in the first instance. The 
position is pensionable and carries a salary based on an involvement of 
three days a week. 

Replies, which will be treated in strictest confident, should be sent 
to the address below and be received by Thursday 12th April 1984. 

Stjame& Corporate Consulting, ■ 

Box FT/850, Sc. James's Houses 
V7 Red Lion Court, Hcet Street; London EC4A3EB. 



I Food Retailing I 
' Analyst ’ 


Our client is a major stodhroberwitha research department ofhigjh and growing 

ICpUtBtiKL 

A food retailing analyst is required to jdntiieir expanding retail group. This is an 
exciting opportunity to develop anew area of sector research within the 
framework of an established team. 

The position; would best suit an analyst-with at least two years? experience in the 
food retailing sector, preferably with some additional knowledge of food 
manufacturing. Good contacts in the industries are essential, as well as an ability 
to produce sound, iredepth research woricThe post will be hi^ily rewarding to 
Affr ight candidate. 

Please contact Sarah Gates,Banldng and Finance Division, 

23 Southampton Race, IxradonWClA2BP or telephone her on Q1 404 5751 
quoting reference 3374. 




Michael foge Partnership 

International Recruitment Consultants 
London NewSbHk 

Birmingham Manchester Leeds Glasgow 


Southampton Freeport 

limited 

GENERAL MANAGER 

£ 20 , 000 + 

Southampton Freeport Limited wish to appoint a General 
Manager, male or female, to start up and manage the 
Freeport Development in Southampton. 

The appointee is unlikely to be under 35 years of age and 
will need to have a successful record of Senior Management 
in marketing and administration of property and ware- 
housing, together with the ability to organise a major new 
venture. Experience of both labour control and import/ 
export procedures is desirable; 

Salary above £20,000 per annum, car and BUPA- Assis- 
tance with re-location expenses is available. 

Apply with full cv. toe 

K Marshall, Company Secretary, Southampton Freeport Limited, 
Southwestern House, Canute Road, Southampton 509 1ZA 



bmmnwINTERNATIONAL BANKING 

SENIOR DEALER 

An International Bank is seeking a Senior F/X Dealer for its expanding London Branch. 
Candidates should have had five years dealing experience and will be presently working In 
an active F/X Dealing area covering US Dollars and major European currencies. It is 
assumed that candidates will also have gained deposit dealing experience as part of their 
career development Whilst it is envisaged that the successful applicant will be aged late 
20's, the Bank will place greater emphasis on experience and a candidate’s potential to 
develop beyond the initial position in the near future. 

Our Client Bank would not wish the remuneration package to be-’ a barrier to the 
recruitment Of a candidate and an attractive salary will therefore be offered by negotiation. 
In addition a wide range of banking benefits, including mortgage subsidy, will be offered. 

Please telephone or write enclosing afull C.V. to Richard Skeels at the address below. All 
applications will be treated in strictest confidence. 


Gordon Brown 

\ % 85 London Wall. London EC2M 7AD 


Bank Recruitment Consultants Ltd. 

Telephone: 01 "628 4501 


APPOINTMENTS 

ADVERTISING 


Jiiii /I Via; V, 


THURSDAY 

RATE £M50 
PER SINGLE COLUMN 
CENTIMETRE 



Unit Trust 
Sales 

to £25,000 package, phis car 

Directorship Prospects 


Our client, one of the foremost UK 
Investment houses with substantial, 
broadly based, funds under manage- 
ment, seeks a highly motivated indi- 
vidual to market their range of ™it 
trusts. 

Candidates, who will probably be 
aged 28 to 45, must have thorough 
knowledge of unit trusts and, ideally, 
experience of selfing financially based 
products. First class communicative 
skills are essentiaL 

Reporting to the Managing Director, 
the successful individual will be directly 
responsible for selling a small but 
diverse range of established mnt trusts, 
to professional advisors and inter- 
mcaiaries throughout the UK. It is 
envisaged that the position will appeal 
to an ambitious person who now seeks 
a mg] or career challenge. 

Please contact Stephen FmMctoo who 
will treat all enquiries in the strictest 
of confidence. 


Stephens Associates 

l u w nati onal Recruitment Co n sulta n ts 
44 Crete Iaoc, Loofen EC4V 5BX. *M3673*7 




fe: £ l : : : !i i 1 ii :! : ;!i ■ : i :! " i'; ■; ■! ■ 1 1!' ! :'•! : 'i ; f; : il i': ,'h 1 I- i 1 if-i' ' ; ji ' it v i i' i~ » :f l : ; ■:& 


ASSISTANT 

ECONOMIST 

Salary Circa £8,000 plus benefits 

The Research Department of the Halifax Building Society 
provides a comprehensive economic and statistical research 
and information service to the world's No. I building society 

To help analyse and Interpret the current national and 
intemational changes to the savings and mortgage markets Ihe 
Halifax is seeking an Assistant Economist for its research team 
at Head Office in Halifax. 

Candidates for this important position win be in their 
twenties and have or expect to have at least a good first degree 
in Economics. A genuine interest in fi n a n ci a l and housing 
markets is essential and a working knowledge of a European 
language would be useful. 

This post carries a full range of staff benefits Including 
contributory pension scheme, BUPA and staff mortgage 

facilities. 

Applications giving details of age, qualifications and 
experience should be sent in confidence to> 

The General Manager (Staff), Halifax Building Society 
PO. Box GO, Trinity Road, Halifax, West tbrkshire HX1 2RG and 
should be clearly marked "HG Private? Closing date Friday 
13th April 1984. 

HALIFAX 

BUILDING SOCIETY 

Member of the Building Sodeti’i* Association. 


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Credit Control 
Manager 


up to £13,000 pa 


E Berkshire 


As part of the expanding information Technology Division of 
THORN EMI, Gomputereid has just started operating and wtt bea 
major force in the microcomputer markst 

Asa result we have an exciting career chaienge'for a highly 
motivated professional ro help buBd up a strong customer base as 

weflasgood personal relationships wfto dealers. Appicams mu st 
be an MICM and a part qualified accountant with at Ieasf4 years 
experience of monitoring credtt control with a distributor to trade of 
high value products, preferably electronic systems. The position 
has reepondbty for m a nageme n t acco un t s with the helpoftwo 
assistants. Famiiarity with computerised accounting systems is 
essential 

Please send your c.v. to Uz King, Senior Personnel Officer, 

— ; Computeraid 

I 99 Staines Road West, 

Sunbury-on-Thames,Wd<flesexTW167AH. 
Sunbury-on-Thames 654 22. 



COMPANY SECRETARY 



Distribution Industries. 


and marketing of fresh produce, distribution of fresh end dry goods, and 
the preparation of high value-added products, u • .! . \ 

The continued expansion of the Group through a.controiied policy of . 
development in each of its divisions and acquisitions makes necessary 
the appointment of a Company Secretary. 

The person appointed would act as Secretary for the parent company. . 
and subsidiaries and would also be responsible for the administration and 
co-ordination of group services, such as pensions and Insurances. 
Flexibility of attitude, however, is an essential requirement as the - 
successful applicant could be involved in a wide range of duties, and 
would be encouraged to participate in decisions affecting the running of 
the businesses. , * 

It is essential that applicants should have several years experience as 
a Company Secretary and ideally should hold either a Chartered Secretary 
or a Solicitor or Barrister qualification. . J \ . • • 

Salary will be by negotiation and a company car will be supplied. The ■„ 
company offers attractive terms of employment, as appropriate to a major 
concern. 

TWTi.rrrtf» Applications in confidence to: 

HUNTfcR The Finance Director, 

CApf-fTT) HUNTER SAPHIR UMITCD, • 

_ Eurocentre, Whftstabie Road; • 

LIMITED FAVERSHAM, KENT. ME13 8BQ, 






CORPORATE FINANCE 


II 


£12,500-£25,000 + benefits 

Several of our Merchant Banking clients wish to expand 
and strengthen their Corporate Finance-Departments. 
These opportunities a re at different levels of seniority - 
and applications are invited from candidates as follows:- 




Banldng or Stbckbroking.' u- ; 

2) Qualified Chartered Accoiintants or Sohdtbto r ag^dv 
between 25/30. years who have had experience of -vvi'-- 
Mergers, Acqukitions or tax matters. . • ; & V v : . ' ’.v J. 

Please telephone or -write enclosing curriculum Tntae 

to Peter Latham. y ,? 3 „ 


Tqngthan 

iTr&fl ITOBISHOPSGATE 

if * W LONDON EC2M4LX 

w 01-8231286 .. 


BANKING DIVISION 






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Financial Times Thursday March 22 1984 


15 


Advance into Management 
with America’s largest 
discount brokerage firm 

-based in London 

America’s faigest discount brokerage firm, Charies Schwab & Co., tnc., is opening an office in 
London. Schwab is a recognised pioneer in offering substantial commission discounts for a myriad of 
stock brokerage services to the independent investor. Our emphasis is on Customer Service 
excellence —we do not employ just salespeople. Schwab is presently involved only in the American 
Securifies market* with seats on ad) the American exchanges, and has over SO offices in the United 
States and a branch in Hong Kong. 

We can offer an excellent growth opportunity for a professional with at least five years recent stock 
brokerage experience, to manage our first branch in the UK. Applicants should be familiar with the 
American securities market, have a thorough knowledge of brokerage operations and proven 
leadership skills. Appropriate securities licenses preferred. This is a salaried, non-corrvmisstoned 
position, with an attractive bonus and benefits package. 

If you have the experience and wish to advance into management with one of America's fastest 
growing firms, send details of yew education, work experience and salary to: Nicola Strong, Bank of 
America, 26 Elmfieid Road, Bromley, Kent 


Charies Schwab & Co i, Inc. 

A BankAmerka Company A 



Dealer/diartist 

London 

An ega bS sfa cd Middle Easr commercial and 
markint bank, headquartered in the Gd£ requires a 
foreign Exchange PcaWQarmt to dcrelop the 
trading activities of its London subsidiary Based in 
his person will re 
/ ana will week < 
dealing room in the Gulf. 

. Our client seeks a trader having at least eight 
years of foreign exchange trading experience wixh a 
tested background as a chartist, or a well-qualified 

duxtisr who fully understands foreign exchange 
trading. The individual must tmdascand and 
appreciate charting as applied co dealing activities 
and be feimiliar with international currency markets. 
Nationality is open, but fluency in English'is ^wnrial. 

Middle Paa- ^ypertfnetf k iwr m yrniy ri-. 

. Oordient will provide a co mp e ti t iv e "base 
sJary and benefits package induding home mortgage, 
automobile and insurance together with an oppor- 
tunity to participate in attractive profit sharing 
a rrangeme nts. 

SLjame^s Corporate Consisting, 

BoxFl/’B#, Stjamert House 
- 4/7RcdIion Caurt,FLet Street, Lon fcn EC4A 3EB. 


nxj 


Dovid Grove Rssodotes 

Bonk executive Aecrutmcnt 
00 ChcopsKks London 6CSV 6AX 
Telephone 01-246 1656 


CREDIT 

ANALYSTS 

Our current Bonk recruitment assignments 
include: 

SENIOR ANALYST to (£16,000 

Long established, Gty based bank seeks an 
analyst with UK corporate experience in a US or 
Merchant Bank gained over a number of years. 
There is a good career potential within the Credit 
Area. Age to 35 years. 


pean 

young 


CREDIT ANALYST WITH GERMAN to £14,000 

A developing London branch of a leading Euro- 
bank seeks an experienced analyst to join 
ambitious team. Progression to a 
marketing role in due course would be an- 
ticipated tor the right candidate. 

CREDIT ANALYST £11,000 

international banks seek bright 
jysts with 2 years balance sheet analysis ex- 
perience. A good academic background is re- 
quired, preferably to A1B standard. Age mid 
20's. Candidates with experience in acceptance 
credit or property lending would have specific 
interest. 

Please contact Nonna Given . 
or Bryan Sales on 248 1858 


Manager- 

Operations and Accounting 

City - Salary and benefits: Fully negotiable. 


A major European bank proposes to 
establish a branch operation in London. 

Key personnel are being recruited at an 
early stage to assist in preparing the branch 
for opening. 

The manager — operations and accounting 
will be principally responsible for the 
successful implementation of a 
sophisticated computer based accounting 
and management information system. 

Following the e*iabli'hment of the branch, 
the position will carry day-to-day 
responsibility for operations, accounting 
and administration. 

Candidates, probably in their thirties, 
should have experience of international 
banking operations — particularly 
eurobond activities — and be fully 


conversant with computer based accounting 
and management information systems. 

Our client expects the manager — 
operations and accounting to make a 
positive contribution to the continued 
development of the branch's systems and 
wifi be seeking candidates who can 
demonstrate innovative abilities as well as 
the necessary technical skills. 

Please write in confidence, quoting 
reference 5456 L and explaining how you 
meet the requirements, to 
M.R.P. Blanckenhagen, Executive 
Selection Dixision, Peat Marwick Mitchell 
et Ca. 165 Queen Victoria Street, 
Blackfriars, London EC4V 3PD. 


IS 


PEAT 

MARWICK 


University College Dublin 

SEISMIC EXPLORATIONIST 
ORGANIC GEOCHEMIST 
( Funded Appointment) 
Applications ore invited tor a full* 
ume academic appointment m t"* 
Department 0 < Geology. The 
appointmenr win be mean a: the 
Caiieae L*c:ucer level W an initial 
period ol ma ynats. This position 
is funded by the Petroleum Affairs 
Division oi the Department of 
Energy and by the petroleum 
industry. Provided continued lund- 
m 9 proves satisfactory the contract 
may be extended. The successful 
candidate will probably have a 
Pn o. degree and several years 
experience >n industry. The College 
will be particularly mteiestad in 
candidates with background in 
set dm ic exploration on organic 
geochemistry. Tne appointee will be 
e.pected to taka a major port in 
the new M.Sc. course in Pelroldurn 
Geology scheduled to start in 
October 1384 gnd should thus be 
available to take up the position 
m August.' September 1984. Other 
teaching duties will include con- 
tributing 10 relevant parts of the 
undergraduate curriculum. Ha nr 
she will be e.pecicd to develop an 
active research programme in col- 
laboration with ihe industry. 
Opportunities also exist (or collabor- 
ation with other staff in the 
Dctunmeni and the College. 

The current salary scale lor 
College Lecturer Is lrC12.981- 
lr£1 7,873. Entry will be at a pom: 
in accordance with qualifications 
and experience. . 

Prior to application. Further infor- 
mation (including application pro- 
cedure) may be obtained from the 
Secretary and Bursar. University 
College, Beifiesd. Dublin 4. Tele- 
phone enquires: 693244 ext. 431. 

The closing dote for receipt of 
completed applications Is Thursday, 
5th April 1984. 



ACCOUNTANCY & LEGAL 

PROFESSIONS SELECTION LTD 

35 NewBrood Street, London EC2M 1PJH 
Tel: Q1-58B 3576 Telex 887370 



A kejr appointment with partnership prospects wcfwt A- 12 months 

PENSIONS MANAGER— LEGAL PRACTICE 


CITY OF LONDON 


£ 20 , 000 — £55,000 


LEADING FIRM OF CITY SOLICITORS 


We invite applications from solicitors, age 30-50. with at least five years' experience of pensions work, as head or deputy of a 
specialise department. Unadmitted candidates with in-depth experience of the pensions industry will also be considered, although 
the partnership prospects wi!l obviously not apply. The successful candidate will be responsible for supervising the department and 
advising a broad range of clients on ail aspects of pensions-related matters. Key personal attributes will incfude concise communica- 
tion skills, the ability to manage a team and the presence to deal effectively with Clients at a Senior level in the commercial, 
industrial and profession?) sectors. Initial salary negotiable in the range £20.000 -£55.000, dependent on age and experience. 
Applications, in strict confidence, under reference PM 067/FT to the Managing Director: 

ACCOUNTANCY A LEGAL PROFESSIONS SELECTION LIMITED 
35 NEW BROAD STREET. LONDON EC2M 1NH. TELEPHONE: 01-588 3588 OR 01-588 1576b TELEX: 887374. FAX: 01-638 9216 


SENIOR 

MANAGEMENT 

APPOINTMENTS 

APPEAR EVERY 
THURSDAY 

FOR MORE 
INFORMATION CALL 
IRB4E NOEL 
01-248 5205 


Fund Managers— 
Overseas Investment 

Circa £22£00 + Company Car 
+ Benefits 


Investment management services to theTSB Group are provided by 
Central Trustee Savings Bank Limited which manages funds in 
excess of £2,000 miiHoa 

• Asa result of continued growth we are now seeking to appoint two 
' additional fund managers with proven expertise in the management 
of overseas portfolios, particularly in the United States and the 
Pacific. The successful candidates will be expected to manage 
portfolios in these areas and to contribute to the formulation of the 
.investmentpolicies. 

In addition to a salary in the region of £22.500 other benefits include 
a company car, a subsidised house purchase mortgage, a non- 
contributory pension and free BUPA Full relocation expenses will be 
met where appropriate. 

- Applications should be addressed in writing to the: 

Departmental Head -Personnel and Training 
Central Trustee Savings Bank Limited 
PO Box 99, St Mary's Court, 100 Lower Thames Street, London EC3R 6AQ 



<d)b 


iNSimrnoNAL 
SALES DESK 

We are seeking to expand our activities in the following areas: 

★ GENERAL SALES 

* INTERNATIONAL SALES 
A* FOOD SECTOR 

Well xnoUvated candidates should reply in strict confidence 
to John Scott or Michael Cunnane 

9 Moorfields Highwalk ■ 

London EC2Y 9DS 
01-638 4010 



Regional 
Industrial Adviser 

c.£28,000 North East 

This post Initially (or a three year term, is to ad as 
adviser to Ihe Regional Director of the Department 
ol TVade and Industry in Newoostte^jpon-Tyne. The 
post holder win advise on industrial and technological 
matters; contribute to strategic thinking on regional 
problems and opportunities; and have specific respon- 
sibility Jar promoiuig technological advisory and 
assistance schemes and tor technical and commercial 
appraisals. He or she will play an Important pail in 
gathering and evaluating information Jrom commer- 
cial contacts and will cany out special assignments 
on behaU at the Regional Director 

Ideally aged 40-55; Board level experience In signi- 
ficant private sector companies is desirable and pre- 
vious experience c-J working both with Government 
Departments and with Institutions like the CBI would 
be helpful Previous experience could, usefully have 
been gained both within and outside the Region and 
should have included financial management, market- 
ing and the application of new technology An ability 
to work by persuasion and co-ordination is essential 
both within the Regional Oftnoe and with regional 
agencies. Institutions and companies 
Applications, inducting lull e.v. should be sent ta S. M. 
Morgan. Department ot Hade and, Industry (,FT). 
Personnel Management Divlsioa Room 652. Sanctuary 
Buildings. 16-20 Great Smith Street. London SW1P3DB. 
Tha Civil ServioB rs an equal opportunities employee 
The dosing dale tor receipt ol completed applications 
is 13 April 1964. 

Department of Trade and Industry 


INVESTMENT RESEARCH 
ANALYST 

STOCK EXCHANGE DEPARTMENT 


AGED 22-28 YEARS 


LONDON 


TheScodc Exchange Investment Department of Friends’ 

Provident life Office his a vacancy for a graduate go be based in 
London, preferably with a minimum of one veer's equity 
experience gained either with a stockbroker's office ora financial 
Institution. 

The starting salary mil be commensurate with qua/i/i cation* 
and experience. The appointment carries thenormaJ benefits 
associated with a major Life Office including a generous house 
purchase scheme, an annua) bonus, a sick pay scheme and a 
pension scheme. 


■ If you ore interested in applying pfense write 
with full career details to;— 

Mist Joan Campbell, Personnel Officer, 
FRIENDS* PROVIDENT LIFE OFFICE, 
Pixham End, 

Dorking, Surrey. 



CREDIT CONTROL 
MANAGER 

SHEFFIELD — SALARY WELL INTO 5 FIGURES PUS CAR 

The Wades Group of Companies, a national name in furniture retailing is an important 
constituent part of the Associated Dairies Group, wbid) also indudes operations such as Asda 
Stores, Allied Carpets and Associated Fresh Foods. The Group has a curran turnover in excess 
of£L5 billion. 

Currently Wades are looking Tar a man or woman to control its in-house finance operation. 
Reporting u> the Financial Director, the successful applicant will he responsible for the 
implanemarion of policy, and the management of a staff ot' around 80. 

This is the key position in a department which represents an important area of our activities; 
applicants must have specific knowledge of the operation of credit facilities, particularly debt 
Control and dealing with the general public, together with experience of computer systems, VTe are 
looking fora graduate, possibly an accountant who would ideally have bad finance house manage- 
naent experience and trim should be of the highest standard of managem e nt ability and numeracy, 
it is unlikely that someone under their mid 30’s will have sufficie nt experience for this role. 

As well as the salary, which is widely negotiable for the rigbi appiicanr, the position offers exrelleni 
benefits induding a share-option scheme, in a Group whose planned consistent expansion oilers 
a high level of career opportunity. 

Please write, with fiiU details of your career to-date, to: 

Mr. C. F. Hall 

Associated Dairies Group FLG 
Craven House, KirkstaU Road 
Leeds LS31JE 


Forex Dealers 


Opportunities in South Africa 


The Standard Bank of South Africa Limited 
is the second largest commercial bank in 
South Africa with total lootings of 
R7 .300,000.000. - (S 6,045.000.000. — using 
the current rate of exchange at .82,80). We 
are acknowledged leaders both in 
technology in the banking sector and also as 
market makers in Forex in Johannesburg. 
Arising from expansion in our Dealing Room 
we have vacancies and are now looking lor 
Foreign Exchange Dealers with 3 — 5 years 
dealing experience. 


Successful applicants could be employed 
either on a contract basis for a number of 
years, or on a permanent basis. 

Attractive salaries and excellent fringe 
benefits wilt be offered and full details 
thereof, as well as relocation expenses, will 
tie furnished at the initial interview. 

Please apply in writing enclosing a lull c.v. to 
the Managing Director, Adplan Recruitment 
International (U.K.J Ltd.. Ludgate House, 
107/111 Fleet Street. London EC4. 

Please quote Ref. 29042. 



% 


Standard Bank 

The Standard Bank of South Africa Limited 

(Registered Commeicial Bank) 


LEASING 

NEG. £10-£16,000 + Banking Benefits 

Our dient, a major US bank seek to fill the following vacancies: 

Jmiior Leasing Analyst A graduate aged c24 years, US credit training prefer- 
red, fully au fait with balance sheets, proposals, documentation. 
Trainee/Jttaior Marketing Aged c28 years, an AC A or graduate (relevant 
degree — LLB/EC0NS) experienced in credit, documentation, computerised 
evaluations with first class communicative skills. Excellent career opportunity 
with strong possibility of international involvement 

Please zing Brian Gooch or Jill Backhouse or 
send detailed curricnlirm vitaea in strict confidence. 


LEASING DIVISION 


170 BISHOPSGATE 
LONDON EC2M4LX 
01*623 1266 














16 


Etoanciat ' • < ^Lzae&- 3^«rs?ay; 




Commercial 

Director 


To maximise the long term 
business performance of an expanding, 
£30 million market leaden 

£ 20 - 25 , 000 H- car + executive benefits 


A commitment to investment, technical excellence, customer service, and 
effective forward planning- the central core of my clients business philosoph), 
a philosophy which has firmly established them as a profitable leader in a 
complex fast-evolving industrial market sector. , , . 

r Part of a US multinational, they are already dedicated to further 
expansion in European markets, an area crucial to future long term success. 
Bimdine on this undoubted growth potential, your bnef is to optimise 
commercial performance, playamaioriolem the achieving of the compan/s 
strategic objectives and make a tront-line contribution in wnat is undoubtedly a 

pCn BasecT mMandiwteramFwith full commercial responsibility for a 3-site 
UK manufacturing operation, vour effective management of Finance /till. 
Purchasing and Transport wilL 'demand a fine blend ot exceptional business ana 
creative 


DUdums oiiu uk — — . o . < ^ 

tomorrow. It's a challenger undoubtedly, but one which will provide the 

a superlative track record in commercial management. Now in your mid-305, 
vour background must have included solid exposure to a manufacturing 
environment, its management culture and all that entails. Furthermore, youre 
an effertive and enthusiastic People Manageij 
completely at home with the latest computer 

systems, and, not least, an innate achievei; able . •*. »■ «TT 

to spot an opportunity and moreover, seize it. /I /I W/HMy/ 

You'll want to know more, so send a brief V lAAAff ! WlfUArf V 

CV to Rob Smith at Macmillan Davies, T^\ * _ 

The Old Vaults, Pa rli ament Square, f J/JIYjPV 

Hertford SG141PU. 


Macmillan Davies International Search Executive 





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□ 


Balfour Beatty Rawer Construction is partofthehigtily 
successful Balfour Beatty international engineering and 
construction group, operating in more than [75 countries 

worldwide. We arethe British leaders in the design, supply and 

installation of overhead transmission fines and related activities, 
and are foBowing-up our 1 983 successes with additional major 

contracts in Australia, Saudi Arabia, Jordan and Sri Lanka. 

AAfe now need to make three important appointments in 

our Rawer Transmission Division, Although all three are based in 

our Croydon Head Office, both the Senior Accountant and the 

Computer Systems Manager positions win involve considerable 
overseas travel. There are good promotion prospects for those 
showing the potential for success. 


gomputersystems 

developm^manager 


demands of the Kvisfori, both within the UK and overseas. 


background in systems analysts andatnorougriwoqang- 

Knowledge of micro-computing. .] ;i: v: j-? 


PROJECT ACCOUNTANT 


SENIOR ACCOUNTANT 

lb provide an overall accountancy service for our 
Eu ropean, African and Middle Eastern operations. 

Ybur duties will include the monitoring of contract 
performance, the preparation of monthly operating accounts and 
the supply of financial information to management 

As a qualified accountant, with previous experience in the 
construction industry, you should have the drive and energy to 

enable you to function at senior level, in both the Head Office 

and overseas. 


involved in 


Road, Thornton Heath, Survey OPA7XK : 


Balfou 


, THE INTERNATIONAL ENGINEERING 


CORPORATE 

LEGAL 

ADVISER 


Commercial specialist 
for high technology environment 


Wang (UK} is an outstandingly successful 
enterprise with sales turnover rapidly 
approaching the £100 million mark. The 
company's advanced office automation 
systems lead the world and the UK 
operation has recently been 

strengthened with the establishment of a 
Scottish manufacturing facility. 

A young but exceptionally able 
UK-qualified Solicitor is sought as legal 


adviser to the company. The post reports 
to the Managing Director with functional 
links to both European and US 
headquarters. The individual must be 
able to counsel management in a broad 
range of legal disciplines including the 
preparation of sound commercial 
agreements, the handling of corporate 
and organisational matters and vie 
interpretation. of HEC .and UK legislation. : 


He/she will, of course, be in a position to 
retain and manage external legal 
resources as required. 

Applicants should have around 5 years' 
experience in the commercial 
department of a large private practice or 
in tire legal department of a high 
technology company. 

The remuneration package is substantial 
and intended to attract lawyers who are 
already very successful and well 
rewarded. Benefits include a company 
car, BUPA, pension, life assurance and 
stock purchase schemes. 

Please send foil career and personal 
details in strict confidence to: T. Edney, 
UK Personnel Manager, Wang (UK) 
Limited, Wang House, 661 London Road, 
lsleworth, Middlesex TW7 4EH. 

Tel: 01-560 4151 or 01-847 1954 
(24-hour answering service). 


TOP DISTRIBUTION 
SPECIALISTS 

Currently earning around £30,000 


[ WANG 1 


Tbe Office Automation 
■ Computer People. 



• Tf if 

IRE UC*? 

firr.'ii-if 


• rp-cr 

GioCCft 


ChaseTrade Finance Limited 

Assistant Marketing 
Support Manager 


ChaseTrade Fina nee Limited, the wholly-owned Export Finance House of The 
Chase Manhattan Bank N A, is looking for a highly motivated Assistant Marketing 
Support Manager to help manage and develop the marketing portfolio of this 
recently established entity. 

The prime responsibilities of this position will include the day-to-day adminis- 
tration of export finance transactions from enquiry stage through to contract 
signature. This win comprise preparation of offers and quotations, deal pricing, 


Raising with clients, the Chase network and ECGD to resolve issues and discuss 
terms and conditions.There will also be opportunities to market services, visit 
customers and identify potential new business opportunities. 

The successful candidate (male or female), probably between 25-40, should 
have a good education, and ideally hold a professional or business qualification. 
Relevant experience within a bank or export finance house is essentiaL 
In addition to a competitive salary, fringe benefits include pre- 
ferential mortgage and personal loan facilities, bonus and non- 
contributory pension scheme. 

Please write with a comprehensive c.v. to: Peter Keebie, 

Second Vice President, Human Resources.The Chase 
Manhattan Bank NA, Wboigale House. Coleman Street 
. London EC2P 2HD. 


Gilt 

Analyst 


We require an analyst to work as part of a 
team analysing the gilt-edged and related 
markets. 

The analyst will be a graduate or 
postgraduate in mathematics ox other 
numerate discipline. 

Experience would be an advantage but 
will not be essential: more important will 
be the ability to apply mathematics and 
to communicate ideas both verbally and 
in writing. 

Good remuneration package and career 
prospects for the right person. 

. Applications with details of career and 

experience to:— 

The Staff Partner, Grievesoa Grant fr Co., 
59 Gresham Street; London EC2P 2DS 


Grieveson Grant 






i CO 



TiTTiTt 






i nr 

i jpj 







We are now seeking executives. able to contribute i mme d ia t el y 

development and to the management of existing; transactions. Our specific requirements 




2 An executive with an engineering; background, raqieriericed in themaricetm& 

structuring and negotiation of tumkey projects. Tins experience, » most likely tp haye 
been gamed with a multinational contracting ‘group. ; • '".""-V ~'/J 

3 A business - school graduate or acco untan t^ with minnnum rf twq ycars* 

experience gained in a bank er the finance dq>sdlm«^ ofan mdustrial oag fip a n y. 1 

For all these positions experience of theforest products, mining-. or eaes^y industries 
would be helpful. Experience of projects in;the UK: and the AsiarFadfic 'region, 
particularly China, would also be relevant. .-. J t : 

Nordic Bank is a member of the Den norske CredUflmnk Group .of Norway and there 
are opportunities to work for the Group in many parts of tte; wAL' Competitive 
salaries supplemented by the full range of banking benefits win be ofiered tp successful 
candidates. . . • . r - * '. ; . ‘ V-.i.'" 


Written appfications must indude fuD career details and should be sent^cx" 
T. O. KOLLINSKY at NORDIC BANK P.LC, [ v \ v 

Nordic Bank House, 20 St. Dunstan’s Hill, London, EC3R 8HY. - > 





PENSION FUND^MANAGEMENT 

Principal Loans & Investment Officer 


P. 


County Offices, Matlock 
PO F/G (£1 1,364— £13,725) 

Applications are inVrted to join -die team who pioneered In-house management of 
local authority pension tends U Principal Loans and Investment Officer. The tend Is 
worth £190 million and Is invested In afi UK market sectors, including property and 
unquoted shares, and ru some overseas markets. Responsibilities alto indude 
management of the County Coundl’s loan portfolio (£140 million ) and the negotiation 
of leasing finance. 

Applicants should have a degree and/or an appropriate professional qualification and 
experience In tend management or investment analysis. The salary is in the scale £11,364 
to £13,725 plus a relocation allowance and membership of the local government 
pension scheme. ... 

The office is at Matioek, on the edge of the Peak District National Park, and is well 
equipped, induding Dacastream and Topic terminals. _ 

For an informal discussion telephone Roger Morton. Principal Assistant County Treasurer, 
on Matlock 3411. Ext 7704. AH enquiries will be treated in strict confidence, 
further In f or m ation and application forms available from Mies M. Wanfle, PO.Box 2, 
County Offices, MATLOCK, Derbyshire, DE4 3AH. Teh Natiodc Mil ext 7711 
Closing dates * April 1984 

DERBYSHIRE COUNTY COUNCIL IS AN EQUAL OPPORTUNITY EMPLOYER. 


DERBY SHIRE 

County Council tmmmam 


Senior Metals Analyst 


The London Metals Research Unit of Shears on 
American Express is expanding its activities and 
requires an experienced Metals Analyst The unit 
monitors the fundamental factors affecting the base, 
precious and strategic repe al s on a continuous basis. 
Oboe of its prime functions is to liaise closely with 
and assist the group’s clients, particularly with regard 
to hedging. It is anticipated that the successful 
applicant will need at least four years’ relevant 
metals research experience, have a- degree i n a 
subject related to the metal or mining industry 
and be able to communicate in a lucid fashion. 
Remuneration is negotiable and will relate to age 
and experience. 


Applications, enclosing a curriculum vitae , should be 
sent in confidence to: 

D. R. Williamson, Director of Research 
SHEARSON AMERICAN EXPRESS 
Peninsular House, 36 Monument Street 
London EC3R 8 U 


l,f r^r.ti.r. * i § * v* 




Zj Z ) i 8 w 2 M \ « \w t m 1 6 i ■ y i m I e> ‘ i \ o ] e V 


H \ ■. i a 1 * 1 # J f i H4- izt et I 


overseas 


pezience of fund management with a 
dal institution. A good depth dlcnowli 

markets is essentiaL ' .*• - " 

The remuneration package will' fully reflect* the impdrtaiice 
appointment - . . y ; r = > ’ 1 

A further requirement is for experiencedinyestment managers id 
join its expanding International Fixed Iniex^t and U JC. Pensidn 
Funds Department Successful Candidates must. u liaye had seVeiM 
years' experience of inixed : p0rtfbho;mvestp3ait ■ • •=-. ; ■; 

Competitive salaries wDl be paid affording to the experience' and, 
abilities of the succ^sdidTapj^icants'. ^ : - 

Please contact Peter Latham, V 'A 


| pren 


BACKING DIVISiQN 


17Q B1SH0PSGATE 
LONDON EC2M4LX 
01-6231266 


HMB 




yH 


















tty 

* GROUP 



zy v.’cridwide. Manycfc 

; bey ar^e. 7?ritek 
^r£t€7nrt Limited, 


mance 
J Banking 

, : CTAiOS 

.. f -T-fe itgEL 

•■ -V-.!-.' ■■ 

... . . .-.'Mr.' Sea® 1 ** 


'•' --.-td 

. . .-. j 

" - . jauuZfl^ 
w ilia nl &*■*«*??$' 


CO.UMZTED. 


Corporate Rnance 

We require executives to join a very active and expanding 
division engaged in aB aspects of domestic and international 
Corporate Financa 

Successful appficantswifl be graduates who have compfeted a 
profes^onaf quafificatton or who have been exposed to relevant 
work with in a merchant bank. 

An ability to Integrate with ahlghly successful team of 
experienced executives, working under pressure in a 
ccxnpetahre environment, togrfherwfth a capacity to develop 
ideas are seen as essential qualities. 

Applications^ enclosing a curriculum vitae, which win be treated 
in the strictest confidence, should be sent to: 

G.R. WSlsh, 

Head of Corpora© Finance Division, 

23 Grea Winchester Street, 

London EC2P2AX. 


Trident Insurance Group 

Dn^ClWOFADMlNlSXXtiaiCH^ANDPHRSONNEL 

The jQrp'up forms part of tbe General Re Corporation whose assets 
exceed £3bn. It has a record of successful growth in unit linked life 
assurance and also contains a general insurance and a computer services 
company.' Established staff numbers exceed 750 and there are in 
addition around 700 self employed sales personnel. 

* A VACANCY at the centre of the Group has arisen through internal 
promotion. The post carries responsibility to the Chairman and Chief 
Executive for the co-ordination and control of administrative services 
and the personnel function. The organisation is going through an 
exciting phase of development and increasingly sophisticated computer 
applications are bring introduced. 

* THE PRIME REQUIREMENT is a record of achievement at senior 
management level in an administrative role where up to date EDP 
based systems are employed. An involvement in staff management and 
familiarity with the insurance industry will also he of value. 

. ' . ■ ■’ ■ 

• . PREFERRED AGE 40s. Salary indicator £50,000 minimum- -Base 
Gloucester 

"Write in complete confidence 
to R. T. Addis as adviser to the Group. 

TYZACK& PARTNERS LTD 

SEARCH & SELECTION 

19 HAL LAM STREET ■ LONDON WIN fcDJ 


HEAD OF 

BUSINESS DEVELOPMENT 


CIRCA £20K + CAR + BENEFITS 

This senior appointment requires an outstanding individual who will be a 
key figure in the development of TSB's position as a major force in Scottish 
banking. 

The successful applicant wHl have proven ability to initiate marketing 
strategies for new and existing products and services. He or she will have overall 
responsibility for Market Research and Development of the Bank's product and 
service range. Qualities of leadership and motivation are essential in the 
supervision of the training aid management of a strong safes and marketing 
team. Experience of banking is desirable but not essential. 

The position, which wffl involve deputising for the Assistant Genera! 
Manager— Marketing, requires dose liaison with other Heads of Department and 
District Managers In the field. 

The attractive remuneration package includes company car and other 
benefit? usually associated with a major financial organisation. Approved 
relocation expenses will be reimbursed. 

. Written applications, with full CV, (marked Private and Confidential) should 
be addressed to: 

Bruce Ogitvie 

Assi stant General Manager— Personnel 
758 Scotland 
PO Box 713 
Orchard Brae House 

30 Queensfeny Road. 

Edinburgh EH42UL 
to arrive not later than Friday 30 March 


[tsb 


The Features Editor, reporting direeny to the 
Editor, wtf be a senior member of a compact 
management team with complementary profes- 
sional sMs and experience. He/she win be closely 
involved with most aspects of mana^ng and edit- 
ing Accountancy and play a key part m enstring 
that it continues to be both a journal of the highest 
quafity and a continuing commercial s ucc es s. 

The candidate, who must have a recognised 
accounting qualification and should preferably be 
a graduate, wfl be expected to demonstrate: 

^ a knowledge of. and interest in accounting 
and auditing, standard % taxation, finance 
and management; 

$ writing talent; and 

£ ability to deal with people at a high level. 

He/she wi/f be expected to have up-to-date tech- 
nical knowledge coupled with sound experience, 
preferably gained with a professional firm of some 
substance. 

Applications, which should indude a curriculum 
vitae, should be addressed to: Mrs. C. HoocBess. 
Personnel Manraer, The Institute of Chartered 
Accountants in England and Wales. P.O. Box 433, 
Chartered Accountants Haft, Moorgate Place, 
London EC2P2BJ. 

duountaniu 

NMMlillkalUIMIMtetMWMUtMlllMBIlbMaNitViM — 


Company & 
Commercial 
Practice 


Our client, a leading firm of solicitors in the West of 
Scotland, is presently extending its mufti -practice 
structure to encompass a new commercial department. 
A solicitor or possibly an accountant with experience o! 
corporate, commercial and company work Is now- 
required lo set up and run this department. 

You will have the necessary qualifications and 
experience coupled with the business acumen required 
to make a success of this new venture. 

An excellent, success related package is offered plus 
prospects of early partnership status. Relocation costs 
wiH be met where appropriate. 

Confidential Reply Service: Please write with full CV 
quoting reference G 10962 on your envelope, listing 
separately any company to whom you do not wish your 
details to be sent. CVs wiH be forwarded directly to our 
client, who will conduct the interviews. Charles Barker 
Recruitment Advertising Services. 1 Clifton Place, 
Glasgow G3 7YS. 


Charles Barker 

ADVERTISING ■ SELECTION • SEARCH 


Merchant Banking 

INTERNATIONAL 
CAPITAL MARKETS 

US EUROPE AUSTRALASIA 

These Positions are for banker s in the Capital Markets sector 
■with 3-5 years experience gained in a recognised Investment/ 
Merchant bank. 

We are looking for canc&fa tes with a markefog backgrounds: 
international corporate finance with exposure to initiating and 
conducting transactions in one ormore of the Mowing 
areas:- Eurobonds, Private Placements, Floating Rate 
Instruments, Swaps and Loan Syndication. 

We would Eke to hear from you should you be looking (w a 
challenge, a high salary and possible relocation; a strong 
educational background and relevant languages are a 
prerequisite. 

For further details phase write or telephone 


Rochester Recruitment LtcL, 21 College H3I, London EC4R2RP 
Telephone: 0 1-248 8346 



in Investment Products 
Marketing? 

"feu can be if you’re a graduate 
in your mid twenties. 

Allied Hambro Financial Management - a highly successful group of 
companies cohering life assurance, pensions, investment management and 
banking services - hardly needs an introduction. 

But this fascinating career opportunity in our Investment Products 
Marketing department probably does: 

Broacuy speaking, you’d be a key assistant in a team whose function is to 
help increase and further improve die production of our phenomenally 
successful range of investment plans, including Unit Trusts. Investment 
Bonds, as well as the revolutionary new’ Financial Management 
Programme. 

■'ibu would be directly involved in all aspects of the work, 
communicating with large numbers of people - not only within the 
Company but also Brokers, Sales Associates, and Clients! 

Tbu would spend a good deal of tout time on the telephone, answering 
queries and giving product and marketing information. You would also 
need to be able to answer written enquiries which ask for information on 
our products. 

\\Tule it would be useful if you already have a working know ledge of 
investment and financial marketing, it’s not essential. 

Apart from the right academic qualifications, you should have a 
sociable, yet strong personality: easily able to communicate and motivate. 

As we*U as a stoning salary of up to £9,500, you would receive an 
excellent benefits package which includes profit sharing and share option 
schemes, an excellent Pension scheme, free life cover and BUEA. VTc also 
provide generous assistance with relocation to Wiltshire. 

For more information and an application form, please call Marilyn 
Adams on Swindon (0793) 27812 (2-i hour answerphone) or write to 
her at Hambro Life Assurance pic, Allied Hambro Centre, • 

Station Road, Swindon, Wiltshire, SN1 1EL 

aluedWhambro 

FINANCIAL MANAGEMENT 


LIFE ASSURANCE • PENSIONS • UNIT TRUSTS • FINANCIAL MANAGE WENT 


CORPORATE FINANCE 24 to 32 Salaries various 
OFFICERS to Q&fiOQ pa 

Banking arm of U S. bank seeks graduates and/or MBAs or 
chartoied accountants with experience ol (a) marketing financial 
services n US. corporations m UK end u.S. and (t>) inter, 
national end UK corporate finance services, particularly mergers, 
acquisitions ond financial advisory services and international 
te». 

INVESTMENT 25/30 £15,000 to £20/MW ish 

SALESPERSON plus good benefits 

London baaed merchant bank seeks candidate, possibly stock 
market person, to aell UK and foreign domestic bonds. 

UK ACCOUNTS OFFICER Late 20s/ e. £20,000 pa 
AND ECCD OFFICER early 30s 

Prestigious European bank seeks marketing and ECGD officers. 
Most be graduates preferably with AIB. 

UFFE DEALER Late 20s/ tarty 90s to £1BfiOO pa 
Dealer with good L1FFE and CD wading experience: possibly, 
also ol dollar, sterling and currency deposits, required by 
prestigious international money brokers. 

ASSISTANT PORTFOLIO 2S/3S £15,000 pa 

MANAGER 

S years* experience in private client management required by 
European bank— equ ilia a. bonds and currencies — knowledge of 
French desirable. 


LJC BANKING 


146 Bishopsgate, London EC2M 4JX: '01-377 8600 


FOREX 

APPOINTMENTS 

For Forex/LIFFE/Money Market 
appointments at all levels 
discuss your needs, at no cost, 
with a specialist 
TERENCE STEPHENSON 
Prince Rupert House 
9-10 College Hill 
London EC4R IAS 
Tel: 01-248 0263 
20 years market experience 


APPOINTMENTS 

WANTED 


EXPERIENCED FINANCIAL 
EXECUTIVE 

Chartered Accountant, age 38. 
French speaking, with eiuensive 
experience in shipping, international 
trade and Mated financing, seeks 
challenging opening. 

Write Box A3S36. Financial Timas 
TO Cannon Street. London EC4P 4BY 


ACCOUNTANCY APPOINTMENTS 


Financial Advisor 
to M.D. 


c £12,000 + car SouthCoast 

A successful group of companies operating within a competitive 
'quality goods' market is diversifying and expanding on a 
remarkable scale. Controlled by dynamic and ambitious 
personalities, this client is seeking a young entrepreneur of similar 
disp os ition - determined to succeed and able to take on this 


■ \ 1 1 f .• I * L * kn I • [. fteJ I K 1 1 [13 fN v 7* 


As the Managing Directors advisor you wul be involved in tha 
many financial and business aspects of the company - 
encompassing investments, budgets, cashflow, corporate strategy 
plans and ad-hoc investigations. 

Tfcepoabon would ideally suit an MBA or lully qualified accountant 

Your eSoztsaod achievements wfl] be weD rewarded both 
personally and financially -it isenwsagedthat the successful 
candidate will progress to a more senior management position as 
the company grows. 

Please write wit h full C.V. to: 

Anita Reynolds, PER, 

62- 64 High Street, 


| M; 


l^^el!06! 


Management Consultancy 

North of England 

£15—25,000 + bens* 

We are currently recruiting fix a major Management Consultancy practice. 
Constantly increasing demand for their services necessitates the recruitment of 
additional consultants in the North West and Yorkshire regions. 

They wish to hear from experienced consultants who are seeking rapid 
advancement with medium-term partnership prospects, or young 
Accountants wishing to move into this dynamic and challenging sphere. 

The successful candidates will be qualified Accountants, of graduate intellect; 
who can demonstrate an in-depth understanding of the relationship between 
profitability and die utilisation of sophisticated financial control techniques 
across a broad range of business environments. 

Interested applicants should contact:- 

Alan Dickinson Richard Robinson 

Faulkner House, 13/14 Park Place, 

Faulkner Street, Leeds, 

Manchester Ml 4DY. MM LSI 2SJ. 

Tel: 061-228 0396 IM W0 Tel: 0532-450212 


icy | 


Michael Rage Partnership 

International Recruitment Consultants 
LandonNcw%Hc 

Birmingham Manchester Leeds Glasgow 





BANK 


APPOINTMENTS 

ADVERTISING 

Rate £34,50 
Per Single Celean 
Centimetre 


PLAN INVEST GROUP LTD. 

Plan inven Group Ltd* a leader in Unit Trust Portfolio Advisory 
Services, urgently requires a young person (probably in mid-twenties) 
with experience in investments. The successful applicant will be 
required to assist the associate director who is responsible for 
over 700 portfolios, at the company's Macclesfield office. Training 
will be given and career opportunities are unlimited. Unit Trust 
knowledge would be a great advantage, 

Appif tn wiittna with lull C v. to: 

K, ]. Kay, FLL, Company Secretary, 

PLAN INVEST GROUP LTD-, 

Plan lnv**t Houm, 8 Kim Edward Sheet. 

MKdaMMd. Cheshire. SK10 1AQ. 


The newly formed UK subsidiary of a US. firm concerned with 
a new concept In barter trading is seeking an 

ANALYST/RESEARCHER 

who win probably be a graduate with S/3 years financial analysis 
experience in a Merchant Banking/Sioekbroking environment, and now 
wishes is broaden his/her eipenance. Salary negotiable. 

Please apply. In con fi d en ce to:— 

Box A8640. Financial Times. 10 Cannon Street. London EC4P 4BY 


Management Accountant 

c. £134)00 


Costain Process Limited, a Division of Costain Group pfo, is being developed 
as a majorgrowth area within the Group. 

A Management Accountant Is required to undertake the preparation of 
budgets, cash flows and the implementation of computer based accounting 
systems for two newly formed companies withfo the division. 

We are seeking a newly qualified Accountant looking for a first move into 
industry Age 25-30, he/she will have the tenacity and ambition to develop with 
the growth of the newly formed companies. 

Salary will be c£13,000 plus the benefits expected of a major international 
company 

Applications, in confidence, with comprehensive tv's should be made to: 



D. A. V. James, Personnel Manager, 
Costain Process Limited, Costain House, 

West Street, Woking GU21 1EA. 






















FDSANCIALUMES 


BRACKEN HOUSE,. CANNON STREET, LONDON EC4P 4BY 
Telegrams; Finantimo, London PS4. Telex; 8954671 
Telephone; 01-2488000 ' 


Thursday March 22 1984 


A time to 


keep calm 


THE BREAKDOWN of the 
Brussels summit is a serious 
setback which reflects scant 
Credit on the collective judge- 
ment of the heads of govern- 
ment of the 10 member states 
of the European Community. 
But it is nothing like as serious 
as the comprehensive bank- 
ruptcy of the previous summit 
in Athens, because this time 
the negotiations made real pro- 
gress, and at one moment al- 
most seemed within arm's reach 
of significant agreements. For 
that reason alone, it is essential 
that the member governments 
get back to the negotiations as 
soon as possible, and resist any 
temptation to smash diplomatic 
crockery. 

The biggest contrast between 
Athens and Brussels was that 
the French presidency had 
taken immense pains both to 
master the intricacies of the 
dossiers and to sound out the 
other governments in bilateral 
meetings. By Tuesday morning 
these efforts seemed to be pay- 
ing off, when the British team 
was able to agree to French 
draft texts governing, on the 
one hand, the principles which 
should lead to tighter control 
of the Community budget, and 
on the other, a system for re- 
ducing Britain's excess contri- 
butions to that budget The 
sticking point, then and later. 
was over the size of the reduc- 
tion. 

Micawberism 

It is too easy for continental 
politicians to blame Mrs That- 
cher for the breakdown. It is 
possible that she misjudged how 
long she should hang on is a 
classic haggle over amounts of 
money which, when spread 
around the other member states, 
are really insig nifican t. But the 
basis for compromise was 
steadily eroded when other 
governments, led by West Ger- 
many and Italy, pressed for a 
postponement, or even a rejec- 
tion, of any durable compensa- 
tion system at all. 

The fact is that Micawberism 
in the Community has now run 
out of road. The farm ministers 
have at last been forced by 
harsh reality to face up to the 
need to start reforming the 
excesses of the farm policy. It 
is time their governments 
recognised that Mrs Thatcher 
will not settle for anything less 
than a durable compensation 

system. 


The beneficiaries may dislike 
both the principle and the costs 
of a durable system. But the 
costs of not doing a deal with 
the British government may be 
even greater. This year the 
farm policy will outspend ail 
available resources by about 
Ecu 2bn (£1.2bn), with further 
increases likely next year. _ In 
the absence of a deal opening 
the door to bigger Community 
revenues, it Is obvious that none 
of that money will be volun- 
teered by the U-K. 

The risks of retaliatory 
escalation are serious. Follow- 
ing the breakdown, France and 
Italy made good their threat to 
block Britain’s £457m rebate 
due from 1983, and today the 
British government will con- 
sider whether to make good its 
counter-threat to withhold this 
sum from its 1984 contributions. 
Yesterday the French govern- 
ment hinted darkly of the pos- 
sibility of holding meetings 
without tiie UK 


Distraction 


Such threats are unnecessary 
and counter-productive. The 
UK does not need to escalate 
the situation, because time is 
on its side: the Community 
faces bankruptcy, and if it be 
not now then it is to come. A 
legal battle in the Court of 
Justice would merely be a dis- 
traction from reality. 

Similarly, it would be an 
error for the French to imagine 
that there is any advantage in 
trying to exclude Britain from 
future meetings. If the nine 
want to pay, out of their 
national budgets, for the un- 
bridled excesses of the farm 
policy, they would no doubt be 
welcome to do so; but it cannot 
be in their interest 

It may be that, for tactical 
and parliamentary purposes, the 
British cabinet Should seek 
legislation enabling it to with- 
hold payments to Brussels, but 
it should not hurry to imple- 
ment that' power. The top 
priority must be to re-establish 
negotiating processes, both 
bilateral and multilateral. This 
will not be easy; it will be more 
difficult if other governments 
take refuge in blaming Mrs 
Thatcher. But in the end the 
Ten will have to find .a settle- 
ment that Is -acceptable all 
round, and the sooner they set 
about it, the better. 


Lebanon: the 
endless war 


THE FAILURE of the confer- 
ence of Lebanese leaders 
meeting in Switzerland to reach 
any broad measure of agree- 
ment on how to end 10 years 
of fighting is but one more 
indication of the way Lebanon 
has ceased to function as a 
nation or a state. The danger 
now Is that the fighting will 
escalate into all-out war 
between the Moslem and 
Christian militias. 


The very fact that the 
Lebanese reconciliation confer- 
ence had to be held on the 
shores of Lake Geneva shows 
how far the different factions 
are from being reconciled. 

"Lebanon is a mosaic of com- 
munities, each with its own 
private army, sources of 
revenue and foreign allies. In 
practice the country has become 
little more than a geographical 
expression. 

The division between the 
Lebanese Christians and 
Moslems appears unbridgeable. 
In the 18 months after the 
Israeli invasion in 1982 the 
minority Christian community, 
centred on east Beirut and the 
enclave to the north, hoped that 
it could extend its predomin- 
ance over Lebanon with the 
support of Israel and the U.S. 


Tbe powerful militias of the 
Druze and Shiah Moslem com- 
munities will now he tempted 
to resume their offensive. The 
Druze have threatened to take 
the garrison town Souq al Gharb 
whenever the political oppor- 
tunity presents itself. Mention 
of a strengthened ceasefire in 
the final communique of the 
Lausanne conference has been 
greeted with cynicism in Beirut 
where the present ceasefire has 
not prevented continual fighting 
between the two halves of the 
capital. 


Disengagement 


It might have been better if 
the Lebanese leaders bad con- 
centrated more of their atten- 
tion on trying to arrange and 
police a real ceasefire. Tbe 
reality of Lebanon today is of 
Moslem and Christian communi- 
ties each of which has annexed 
many of the attributes of a 
state. To speak of federalism 
or cantonisation as a solution is 
to give a respectable facade to 
an anarchy which is more remi- 
niscent of medieval Italy. 


This attempt has clearly 
failed. Neither Israel nor the 
U.S. is prepared to fight a war 
with Syria in support of Presi- 
dent GemayeL Damascus has 
once again become the pre- 
dominant power In Lebanon 
outside the area held by the 
Israelis in the south of the 
country. Since the . Lebanese 
army split in February almost 
no institution of government 
has remained undivided. 


But some method has to be 
found to end the daily skirmish- 
ing which periodically escalates 
into full-scale warfare. The 
key must be a disengagement 
of forces on the dividing line 
in Beirut where half the Leba- 
nese population previously 
lived. 


Dangerous policy 
President Gemayel has com- 
plete control of little outside 
his presidential palace. The 
Christian militia has moved to 
establish its authority in the 
area it holds. Its leaders argue 
that they will never accept 
Syrian tutelage and that at 
some point Israel will intervene 
once again to change the 
political balance in their 
favour. 


Such a disengagement will 
come about only if there is an 
understanding between the 
Christian community as a whole 
and Syria. It was such an 
agreement which ended the 
1975-76 civil war. President 
Gemayel has already made the 
journey to Damascus but his 
own authority is now very 
limited and his commitment 
does not include that of the 
Christian militia leaders, who 
remain intransigent. 


This is a dangerous policy. 
The whole of Lebanon is only 
half the size of Wales and the 
entire Christian enclave is 
within artillery range of its 
enemies. The tendency in 
Israel is for further withdrawal, 
not extended commitment 


Their attitude could well lead 
to another round of fighting and 
a fresh Moslem offensive. Syria 
seems anxious to avoid this but 
is having trouble consolidating 
its authority in Lebanon and 
may sot long restrain its allies. 
Little can be done in the short- 
term to reverse the frequenta- 
tion of the country after 10 
years of war but any negotia- 
tions on creating a single 
national authority will have a 
meaning only after a real cease- 
fire is implemented. 


- ; • v..:* .7 


Finantiali 


T he comprehensive 

failure of one EEC summit 
is a misfortune, the col- 
lapse of two in succession may 
yet prove a poetical calamity. 

The failure in Brussels on 
Tuesday naght, three months 
after the huge disapointment 
in Athens, prolongs a deeply 
unsatisfactory and politically 
precarious situation. 

The Community's poM deal 
leadership is now further 
tainted by its repeated failure 
to end a long period of drift 
and disillusion; the attempted 
relaunch on the basis of agri- 
cultural and budgetary reforms 
is still a distant prospect and 
the growing sense of internal 
crisis will absorb energies 

which might otherwise be 
devoted to global economic and 
political issues. 

The sense of confrontation 
between the UK and her 
partners, carefully nurtured 
during and after the summit 
by several delegations and vir- 
tually all of the Continental 
Press, could be either streng- 
thened or weakened by a deci- 
sion tiie British Cabinet may 
take today. At the end of the 
summit, France and Italy 
blocked toe regulations enab- 
ling payments of tbe £457m 
rebate on the UK’s 1983 budget 

contributions. 

Their move virtually chal- 
lenges toe UK to escalate the 
conflict by acting on its threat 
to withhold part of its monthly 
contributions to the EEC 
budget so as to recoup the 
rebate. 

Those arguing the case that 
toe Ten win walk away from 
this ordeal without doing them- 
selves mortal damage point to 
the fact that the Brussels 
summit was as much a substan- 
tial achievement as its prede- 
cessor in Athens was a complete 
failure. Both summits may be 
bracketed as toe Community's 
darkest hour, but Brussels made 
far more progress over the 
broad range of issues needing 
to be resolved. 

This is why its failure is all 
the more depressing. Negotia- 
tions finally broke down over 
a relatively small amount of 
money needed to settle the 
dominant issue of the British 
budget problem, and over the 
secondary obstacle erected by 
Ireland’s demands for exemp- 
tion from new curbs on milk 
production. But patience and 
skilful hard work by President 
Mitterrand of France, toe 
summit chairman, and M Roland 
Dumas, his Minister for Euro- 
pean Affairs, had seemed earlier 
to have brought toe meeting 
within sight of a global agree- 
ment which every head of 
government might be able to 
live with. 

By mid-afternoon on Tuesday, 
it seemed that a crude equality 
of sacrifice might be estab- 
lished. The agricultural prices 
and reform package broadly 
agreed by farm ministers last 
week was painful for all but 
some relief on milk production 
was in prospect for Ireland. The 
economies to be immediately 
achieved were much less than 
originally hoped for but MrS 
Thatcher seemed ready to swal- 
low her disappointment and 
West Germany to shoulder 
many of the additional costs. 

In return. President Mitter- 
rand has responded to their 
concerns for greater budgetary 
discipline and had devised a 
broadly acceptable formula 
! aimed at ensuring that “ the 
level of Community expendi- 
ture will be fixed as a function 
of available income.” 

Finance Ministers were to 
i agree on the maximum growth 
1 in spending which they thought 
desirable for a given year at 
toe very beginning of the 



After Brussels 


So near, . . 


and yet 


sd very far 


By John Wyles in Brussels 





^Wheto«he,vS?as.tired: 

Thatcher’s . tactics,. 
-stoocDthe negotiation, 
anxious to dig in ® 

. 'not dear;bot’£e 
negotiations* its £ 

* posing a lbn ec&n 
-Hon for each of ltL_ 

: i semKvafteriwatRaL -to 
would operate; 

V FuriheriHorei Ohe feanf 
." wbuldYnot ptfcy max 
' thirds of its. normal-' 
towards meeting the cost 
British faMTectiofc _ r ~ 
This. ' Immediately' 
every other head of . — 
in line behind, hint 
was to/pay less- of 
settlement with m». . 
then everyoneelse.V; 
■more." Sdddenly ltaec 
■■ thebottontlinev Vv 2 

Mrs Thatcher came 
/ a 'counterproposal - 

turn- toisye 
riyearr mi- 

toeing reed 

-riitfth' UBbtf -ecu -as tne 

■ - figure. But na One v els 

budge. . . ' i-f ■ 
■^yihe.castof “ ' ‘ ' 
'lias 'become a ............ 

'.occupation ih Bti 
.Concededto Fra ja ce ah;^ 

yp fnt -fhr ft 

taxes ‘ an d- subsidS 

.Monetary ' 

■ Amounts- which) 

DBfZbuSjl 

German fai , 

Ministry '■fnBoiin-r 
hive set a dear cfuu 


I 


Key players in the summit drama: (left to right) Britain’s Mrs Thatcher, Dr Garret FitzGerald -of Ireland, West Cctman- 

ChanceUor Kohl and President Mitterrand of France *.-w -r:\y 


budget procedure. A financial 
guideline for agriculture had 
evolved which would keep its 
growth in spending over a 
three-year period “ less than ” 
the rate of growth of the Com- 
munity's budget revenues. 

This established the prin- 
ciples which Britain, West 
Germany and the Netherlands 
had been seeking. The proposal 
was, therefore, ready for final 
endorsement if equivalent pro- 
gress could be made on toe 
other issues. 


Confidence in a possible sum- 
mit success began to grow fol- 


cent from the beginning of 
1988. 

Progress had been slow and 
hard won, but it was nonethe- 
less progress and it was being 
matched by movement on the 
British budget problem. 

Mrs Thatcher’s tactics at toe 
four summits dominated by this 
bete noire have always been the 
same. She has argued the case 
interminably for a “fair” sys- 
tem of contributions, worn down 
toe reluctance of her partners 
by sheer persistence and by ex- 
ploiting toe differences between 
them, secured agreements 
uroadly in line with her objec- 
tives. 


Mrs Thatcher’s 
objective was a 
permanent solution 


lowing an important tactical 
concession from Mrs Thatcher. 
Having previously maintained 
that she would only consider 
lifting the 1 per cent ceiling 
on the Community’s budget 
revenues when her demands for 
both spending discipline and a 
cut in Britain’s budget payments 
were settled, she agreed in prin- 
ciple early on Tuesday to a new 
limit. ’ ■ 


The Commission's proposal 
that available revenues should 
be increased to 2 per cent of 
retail sales of a common basket 
of goods and services never 
stood much chance with toe 
majority of governments. Most 
were not prepared to add the 
£8.3bn at current values to toe 
EEC's potential resources that 
this implied. Agreement, sub- 
ject to toe resolution of other 
problems, was therefore 
reached on a new 1.4 per cent 
ceiling from January 1, 1986 
which would be raised, by 
unanimous decision, to 1.6 per 


Hence her reputation for 
obduracy, and hence the fact 
that in their closing stages, the 
negotiations always pitted her 
ntnip colleagues against her. 

In contrast with previous 
negotiations, her objective this 
time was a permanent solution 
—nothing less would pay her 
price for allowing the Com- 
munity extra budget revenues. 
By the time of the summit, her 
usual approach had already 
wrung a vague compromise pro- 
posal out of France for a 
system lasting as long as the 
new “own resources.” 

She spent much of Monday 
afternoon, evening and night 
pressing for a much clearer 
system than that detailed by 
the French. The others 
responded by trying to talk 
numbers — by how much should 
the British payments be 
reduced. The range on offer 
was between 750m ecu and lbn 
ecu — barely half Britain’s cur- 
rent net contributions of around 
2bn ecu, and much less than 
the Prime Minister’s opening 
position of 1.5bn ecu. 

Her insistence on a system 
and a bigger payments reduc- 
tion brought prime ministers 
such as Ruud Lubbers of the 


Netherlands and Bettino Craxi 
of Italy out to brief their 
journalists in toe early hours 
of Tuesday morning in a state 
of predictable pessimism, irri- 
tation and dejection. Mrs 
Thatcher was being intran- 
sigent and threatening the 
summit with failure. 

But overnight contacts With 
M Dumas and a post-brea kf as t 
meeting between Mrs Thatcher 
and President Mitterrand pro- 
duced a revised French propo- 
sal for a system which, {hough 

short of Mrs Thatcher’s ideal, 
was promising. 

It satisfied toe majority view, 
by refusing to concede Mrs 
Thatcher's opinion {bat Britain’s 
net payments should:, be 
measured as toe gap -between 
the amounts that London paid 
to and received from the Com- 
munity. A measurement yield- 
ing a smaller gap satitaied other 
governments’ finanriai interests 
which were buttressed by their 
theological conviction that Cus- 
toms duties mid levies collected 
by toe UK on behalf of the EEC 
ought not really to be part of 
toe calculation. 

The French proposal identi- 
fied Britain’s budget burden as 
the difference between London’s . 
share of all VAT payments to 
Brussels and its share of EEC . 
spending. Applied to 1983. the 
gap thus measured was L622bn 
ecu compared with a net pay- 
ment h la Thatcher of L917bn 
ecu. 

The plan’s attraction lay in 
two con cessions to British views. 
The new system would run as 
long as the extra VAT revenues 
lasted — probably at least five 
years — and, once the initial 
figures were agreed, it kept the 
rise In Britain's payments 
broadly in line with any in- 
crease in toe British gross 
domestic product and thus toe 


UK’s ridativeweahh j^ 

Oven that toe system works than tfie," new! -'" 
automatically once in force,-- tbe .nerinfr v 

level at which tbe‘"DK^- contufc- \ ' 


crucially important. p Fatally, . 


the summit ' stumbled/ trjetcy 'z; 
difference of around Eat 250m, 

legacy of past . budget .agree- jmniAl.' bW .. . . , , 

ments and partly ^cause WOTt 
Cfennany playedj^ «arfL > ; 

For. hours and hours* -Mt»* 

Thatcher argued- 
paymen&af Erir l^it^ch 
would leave toe UK 


*81804 up ' and bfi 
counted’ threat - - 
by Mitterrand v ? 


Ecu 595m on to£ 1983 'figures^ 
TVs was a little, more: than, a 


task ds to'-pushu' 
prices - . arid, .refotui 
agreed la- bnfiUna: last, 
hot app rov e d ipeveiy 
tbe .snsiHnl'L Anjdoas to 
tod reforms * .that:. itaVfr. 
agreed ■acd h> L; end toe -t 
tahstyramopg farmers, toe 
pean Commission" . 
France' to puto- toroftgb 


two-toinfe reduction and there-, SioDs by nmjority wte. 


-tore slightly higher than the . ' What : happens there 
proportionate cuts Mis Thatcher ©tally, obscure. Other 
had - won - between £980 and' meztts have not yet lost 
1983. For hours and hours,' toe. bf &’hudgei 
highest starting . offer tor then <the UK If 

system from .other- delegations dent Mitterrand’s 

'was Ecu lbn — roughly "two-' can '<t [con f erence o 
thirds of the Ecu 1.622bn gap ^will “stand up and 
as- measured by toe- French tor Europe could: have a 
system. '• sLmster ring^ tor MiV^IT^I 

•- When President Mitterrand Vl^ere nnce„^be- hati I 
began talking bilaterally to Mrs that the Rmsseds summit \ 
Thatcher of a Ecu LXhn reduc- J etan nc h '.the! : EEC, Bra 
thm in. mfid-afteraoon, ^British Mitfen^d iTappearB how 
hopes rose until first . pune^ looking- ;to a; • 
tured by Italian Fore i gn. Minis- .member, states to 
ter Sig 7 GuiKo: Andreotti and same poetical impact 
then squashed .by - ChahceHor He does not seem to wa 
KofaL .’ ;■ -exriqdetbe-UK ** 

Sig Andreotti launched into' ' bitiofis ■fertte-C»u UUI «u V 
a lengthy reflection, of- ■ any nenher ' ft. seems -does 
systematic reduction of 'British French President want to 
payments which apparently, in arguing., much - /longer 
the view of British officials, en- money when: Ms imaginati 
couraged-the German Chanced-, fired by ideas; for more 
lor to make his own-surprise live poUticaT and' defenci 
intervention. . . . ,. operation in Europe. - , 


Dean of 


the print 


The pottiest description of 
Brenda Dean, aged 40, the newly 
chosen general secretary elect 
of Britain’s biggest print union, 
Sogat 82. was a newspaper head- 
line (not in the FT) calling her 
the “Queen of the pickets.” 

As a union officer she has 
certainly seen picket lines. But 
she has won power early in her 
career as a leader of the new 
breed of highly-professional 
trades unionists. She is most at 
home at toe negotiating table; 
putting down yet another print 
executive with her personality, 
and her formidable powers of 
argument 

Brenda Dean is the sort of 
capable person that tiie Labour 
and the trade union movements 
— she supports both — despera- 
tely search for, but too rarely 
find. 

She was brought up in West 
Lancashire, was briefly a Salva- 
tion Army lass, and started work 
as a typist in Manchester aged 
16. 

Before long she found a job 
as a junior official in the local 
Sogat office. She stayed there 
for 20 years, becoming northern 
organiser and tacit larder of 
the strong women's membership 
of the union in tiie north. 

She was barely into her 
thirties when the last Labour 
government spotted her poten- 
tial and began introducing her 
into public office. She was ap- 
pointed to the price commission 
and toe supplementary benefits 
commission. She still serves on 
the National Women’s commis- 
sion and toe occupational pen- 
sions board. 

Male rivals in Sogat have 
been taken by surprise that 
this good-looking, smartly 
dressed, blonde, who tries to 

avoid controversial argument 
has barnstormed her way to toe 
leadership of Sogat in less than 
a year. She outstripped four 
male rivals to become president 
last summer. Now she has won 
toe top job leaving six con- 
tenders in her wake. 

“Brenda has a special 
strength,” says a friend, “She 
actually listens to what people 
say." That somewhat rare skill 
in toe rough and tumble of 
industrial debate has stood her 
in good stead. 


Men and Matters 


to understand why some of the. 
world’s richest, owners — Paul 
Mellon, tor example — are opt- 
ing tor no insurance, preferring 
to let affairs balance out in the . 
general nature of life. . 




• Z ’ .v 1 ^ <?■ 




She can expect to be in the 
top echelons of the union move- 
ment for the next 20 years. And 
she will be a hot property for 
Labour if, or when, toe party 
wins power again. 


Flight of angels 


Anyone attending the first night 
of the musical Peg at London’s 
Phoenix Theatre on April 12 
may be forgiven for thinking it 
is a Broadway premiere. 

The stalls will be lush with 
the 40 American backers of the 
show and their friends. 

The £600.000 production is 
financed with American money 
gathered in by producer Louis 
Busch Hager. American tax 
laws ensure that theatrical 
angels can claim full tax relief 
on their investments even if the 
play is put on overseas. And 
some very rich people have 
bought a slice of Peg. 

After the curtain comes down 
Hager Is treating them to a trip 
on the Orient Express as far 
as Brighton. 

By launching a musical in the 
UK Hager is cutting expenses 
considerably. “This show would 
cost at least six times as much 
to present on Broadway,” he 
says. “ I have saved £25,000 in 
lawyers’ fees alone.” 

If it succeeds he will have a 
going concern tor New York. 

But it is not only money 
that has brought Hager to 
London. “Theatrical people in 
this country are still gentlemen 
— there is no backs tabbing," he 
says. 

Like most producers Hager 
is not investing any of his 

money in Peg, In spite of being 
“toe black sheep of the Bud- 
weiser beer family.” 



King of the road? 


The house near Stuttgart 
where toe car pioneer Gottlieb 
Daimler was born, and where 
he bad an early workshop, has 
been meticulously restored, and i 
this week is tbe focus of cele- 
brations of the 150 th anniver- 
sary of the great man’s birth. 

The Germans have no doubt 
in their minds that Daimler 
together with Karl Benz— co- 
founders of tiie present Daimler- ! 
Benz company— should be 
credited with toe invention of 
the motor car. 







“Well now we’ve established 
you’re not a Kent miner- 
how about blowing Into 
istoxometer ” 


ted quarter — toe bloodstock 
market 


Losing winners 


As toe flat racing season begins 
tbe insurance market, and 
Lloyd’s in particular, is reeling 
from body blows in an unexpec- 


In less than a year three 
great recent Derby winners — 
Troy (1979). Sbergar (1981), 

and Golden Fleece (1982), have 
been lost to breeders. Insur- 
ance claims of more than £30m 
have been triggered off. 

On top of those disasters 
comes tiie news that Nijinsky, 
winner of the triple crown 
(Derby, 2,000 Guineas, and the 
St Leger) is in a serious con- 
dition. 

Henry Colthurst of Hodgson 
McCreery, London -bloodstock 
insurance specialists, says he 
has heard that prospects for 

the horses recovery from a 
painful foot condition are dim. 

In the case of a $25m stallion 
syndication (as with cancer- 
sufferer Golden Fleece which 
died os Sunday) toe insurance 
premium on a l/40th share was 
about £16,000 a year until this 
month. 

Now toe basic cover through 
Lloyd’s is costing toe insurer up 
to 20 per cent more. It is easy 


They are showing scant 
respect for tbe rival French 
claim, which I wrote about 
recently. 

The French motor industry 
wants tiie world to accept that 
an inventor from Rouen — 
Edouard Delamarre-Deboutte- 
ville— took the world’s first car 
on to tiie road just 100 years 
ago. 

“Unfair,”' cry the Mercedes 
men from Stuttgart- “The yital 
date was when Daimler and 
Benz filed patents tor the first 
•practical application’ of a 
lightweight highspeed petrol 
engine Sn 1886.” 

I must point oat that there 
are other competing claims^— 
the French and Germans are not 
going to be allowed to fight it 
out between themselves. . . . 

For instance, in 1794, an 
Englishman Robert Street des- 
cribed toe bursting of a liquid 
fuel. such. as petroleum, so that 
when it turned to gas it moved 
a piston. • 



■J**’ 



without 


Management tips 


Lenten sermons at St Andrev- 
by-the-Wardrobe parish church ; 
in toe City of London have been 
tailored to local tastes. They 
are being billed as:— Start-up 
schemes, Business expansion, 
Profit and loss, and, finally. The 
balance sheet 


4 


-■ - - - j -CT. .. 




T wme fumcmi • ■ x- 

-& 9 MMO*HU«r • •« : 


Observer 


WMSlitowu. 

u»wnu*L^ 


*: — -~>?i 




v.' ? - "J 


2±: r - .h-^sL -f, ■ 






laeScCTtar 


“wreniajinj 




y. .f 














SS§ 

5® 


ECONOMIC VIEWPOINT: BRITAIN’S GREEN PAPER 

Don’t count upon that wedge 


V- 


«?■ 

S? 4 f 

Cl. V-. JftG’ 


By Samuel Brittan 






IT IS tine to move from the UK 
Budget to the Green Pape; on 
public expenditure which 
accompanied it (The Next Ten 
Yean : Public Expenditure and 
Taxation into the 2900s, HM50 
£4.55). It is especially 
important to do so because the 
Budget, which was not truly 
tax-neutral, borrowed from the 
fnture- 

Bat that Is sot an. Hie 
Financial Statement (Bed 
Book} looks forward more ten- 
tatively to. a fiscal dividend 
available for tax cuts of £2bn 



id ?* 


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has; 

■• :•• ossat 
” : • :;va; 

•• - -j-i-ar c 
'•' •? K. If 651 
:-L"-rrxaL 


THE CHANGING TAX 
BURDEN 

Nnf4iortfrSa taxes as % of 
non-North Sw GDP 

% 

1973-74 33 

19T9-79 ■ Ml 

1983- 84 3*1 

1984- 85 3ti 

19334? 3S| 

1993-94 (a) 311 

(b) 32) 

, x (O 38i 

Co* (a) asstarwa un read spend- 
ing growth up co W9J-94 Can (b> 
assumes zero spen ding g ro wth up Co 
198*- 89. feH owed fay annual 1 per 
cent growth. Can (cj awnol per 
cent o verag e upendi n g g rowt h from 
1984-85 to 1993-94. ft Is aim 
•cooslsesor with zero growth co 
1986-87 and 2) per cent growth 
su bsequently. The econo mi c growth 
rate follows Treasury 
taking the higher 2 per cent variant 
for. the later years. 

Sower: mainly Orno Pipe. 


In 198WJ7, £4Jbn in The follow- 
ing year and go on. By 1988- 
2980, the tax cals would cumu- 
late to £13ibti (by comparison 
with what ox payments would 
otherwise be). If all the benefit 
were taken in a reduction in 
the basic rate of tax — which 
is neither likely nor desirable 
—that Tate might come down 
from 50 to very roughly 20 per 
cent A more realistic way of 
staring it is that if the Govern- 
ment's hopes are realised, the 
non-North Sea tax burden would 
fall from 38} per cent of the 
non-North Sea GDP this fiscal 
yes- and next to 35} per cent 
In 19S&8& 

There is more, too. The Green 
Paper goes on from here to en- 
visage further reductions in the 
tax burden to 31-33 per cent of 


GDP on only modestly optimistic 
assumptions about economic 
growth. Before regarding such 
hppes as paradise cm earth, it is 
worth noting that the percen- 
tages range is only about the 
same or slightly below the 33 
per cent achieved in 1973-74. tho 
last year of the Heath Govern- 
ment. 

Even so. it is a big reduction 
from the present; and we must 
ask how it is all to be financed. 
To begin with, the fiscal squeeze 
is to come to an end. By this I 
mean that since the Medium 
Term Financial Strategy 
(MTFS) first appeared in 1980 
— Indeed to some extent since 
Mr Healey's negotiations with 
the IMF in 1976— Chancellors 
have looked forward to ever- 
decreasing public sector borrow- 
ing figures in future years. But 
in the newly-extended MTFS 
Public Sector Borrowing is 
shown after its fall la 1984-85 
at a stable £7bn for all the five 
years up to and including 1988- 
1989; and even as a proportion 
of the GNP It will fall only very 
slightly. 

Much more important, how- 
ever. for future tax policy is 
the bone that revenue will auto- 
matically Increase In a grow- 
ing economy despite the tailing 
off of North Sea revenues. At 
the same time, it is hoped to 
keep public expenditure stable 
in real terms over the next few 
years, but falling as a propor- 
tion of the GDP. The resulting 
revenue and expenditure move- 
ments should look like a wedge 
with revenue sloping upwards 
and . spending stable in real 
terms, thereby creating the “fis- 
cal dividend " which the present 
Government would like to use 
mainly for tax reductions. 

The main doubt about the 
existence or size of the wedge 
arises in my view not from the 
economic growth but the public 
expenditure assumptions. The 
Treasury merely assumes that 
tiie growth rate will be lnter- 
mediate between the dismal 
post-oil shock decade of 197383 
when there was virtually no 
gro w t h outside the North Sea 
and the post-war golden age of 
3 per cent growth, and in fact 
settle at Somewhere near the 
animal average of 2 per cent 
achieved in the century before 
World War IL 

The overwhelming reason 
why we should accept these 
forecasts is the extremely wide 


-.-Gassy**.:. 


HOW TAXES MAY BE CUT 


Revenue plus 


m.. ^lip '"31# 


Total Tax Cuts ? Ltro 

I 


&&. - •• 


General ’ 

i Government HHKI 
Expenditure « - 1S0 


gap between actual and poten- 
tial output which opened up In 
the last decade as unemploy- 
ment rose from Jrn to 3m. Even 
If wc a&ftume merely that this 
increase in the margin of slack 
is once for all. output should 
be able, henceforth to grow 
more or less in tine with the 
expansion of productive 

capacity. 

There is scope for faster 
growth rates than 2 per cent, 
for instance if either recent pro- 
ductlvity trends continue or 
major inroads arc made into 
unemployment. 

Contrary to much pseudo- 
profound comment. the 

Treasury estimates do take 
declining Treasury oil revenues 
into account. The build-up of 
these was Important as a 

cushion in a period of stagna- 

tion; but their rundown is not 
a decisive element in the fiscal 
outlook. 

A more important doubt 

about the existence or size of 
the fiscal dividend relates to 
whether the Treasury will 
succeed in keeping real public 
spending on a flat path. Up to 
1986-87 this flat path is 
enshrined in some detail in the 
Government's Expenditure Flans 
(“ Blue Book ”). Even that does 
not mean that it Is written in 
letters of stone. For the spend- 
ing departments are sure to ask 
for more in each annual round 
and accuse the Treasury of 
demanding “ vicious cuts " if It 
resists. 


From then until 198839, 
stable real expenditure is an 
assumption for the purposes of 
the financial strategy, which 
expresses the aims of the 
Chancellor and probably the 
Prime Minister, but is not a 
Cabinet co mmi tment-. In the 
final five years up to 1993-94, the 
Green Paper simply considers 
two illustrative assumptions of 
zero and 1 per cent annual real 
rises in public spending — an 
indication of what the Chan- 
cellor would like rather than 
what anyone is committed to 
achieving. 

How prabablc is it that the 
real public spending increase 
will be held in the zero to 1 per 
cent range over the next decade? 
As the Green Paper emphasises, 
the average annual increase over 
the past 20 years was 3 per cent. 
Even in the past five years, 
under the combined influence of 
economic stagnation and a 
zealous Thatcher Government, 
the average annual increase was 
nearly 14 per cent. If the aim 
were merely to stabilise the tax 
burden at its present level and 
forget all about tax cuts, real 
public spending growth would 
have to be held at an average 
of 2 per cent up to the early 
1990s. 

What are the chances? The 
Green Paper unfortunately does 
not give quantified programme 
figures. But the prose Is full 
of reasons for spending 
increases in the largest 
programmes. It refers to pres- 


Murtyn Barnes 

sures 10 increase pensions faster 
than inflation as recovery pro- 
ceeds. (There are 10m voters 
of pensionable age; and there 
are demands for more compre- 
hensive disability and child 
benefits.) 

Simply maintaining present 

levels of expenditure per head 
In different age groups would 
raise hospital spend mg by 
nearly 2 per cent per annum 
because of demographic 
changes: and medical advances 
and greater affluence could lead 
to a good deal more spending. 
In another rapidly expanding 
area, the military, the Green 
Paper is notoriously delphic, 
but still manages to warn of 
“ external threats to UK 
interests’* by those “with in- 
creasingly sophisticated equip- 
ment” which may have to be 
matched. 

Even in education, where the 
fail in pupils at first sight seems 
to promise lower costs, the 
Green Paper warns of “dis- 
economies of scale ” as numbers 
fall, of more provision for the 
under-fives and “ extra demand 
for relatively expensive courses 
in science and technology." 

All in all, inside this opti- 
mistic-seeming Lawsonian Green 
Paper, the person who two years 
ago wrote the leaked pessimistic 
paper for Sir Geoffrey Howe, 
warning of tax increases, can 
be seen struggling to emerge. 

Faced with these pressure s , 
how does the Government hope 


to hold real spending stable in 
the relative short period for 
which there are firm plans? The 
plans show that spending is to 
increase more than inflation for ; 
all the most expensive sectors, 1 
except education. The biggest | 
real cuts come in the smaller , 
sectors above all in the Indus- ; 
trial area where there is to be I 
a cash cut of nearly 40 per cent. 
Most of this cut is dependent on | 
a turn round in the financial 
position of the nationalised 
industries, which in turn largely 
reflects, not asset sales (which 
come in a separate category), . 
but the transfer to the private | 
sector of responsibility for • 
British Telecom's investment. 
Even if one believes the . 
“ industry ” figures, there wit! 
be much less scope for slashing j 
them in future years. ' 

To pronounce on what ought ^ 
to happen would require • 
another article of a different 
type. But four points need to 
be made urgently. First, the 
public spending ratio is not, 
outside extreme ranges, a good 
Index of either the degree of 
freedom in a society or the 
extent to which market forces ' 
operate. Second, the dividing 
line between the expenditure 
and revenue is arbitrary and 
subjective. It is absurd to 
favour increasing tax thresholds 
as against child benefits because 
of the temporary accounting 
accident that the former counts 
as negative revenue and the 
latter as public expenditure. A 
genuine Public Expenditure 1 
document which we have never 
had, would put revenue and 
expenditure side-by-side, so that 
the definition of which is which 
would no longer be crucial. 
Third, one does not have to 
believe any of the anti-public 
spending myths to see the vast 
spending lobbies which will 
overwhelm any Finance 
Ministry and any society if it | 
once gives way. 

Finally, when it is difficult 
to finance proper health care 
or aid to low income families, 
there is no excuse for special 
interest subventions, whether 
for the airbus, EEC agricultural 
spending, tax and rate reliefs 
for UK fanners, or mortgage 
interest relief! If only radicals 
of the left and right could 
unite in attacking special in- 
terest privileges and forget 
their sectarian battles 1 


Lombard 

The perils of 
one-sidedness 

By Peter Riddell 


THE GOVERNMENT may have 
made a major political blunder 
over Its Trade Union Bill which 
could, in the long term, damage 
the Conservative Party’s own 
interests. 

The proposals for union 
political fluids appears onesided 
because they ignore company 
political contributions. The 
Bill has opened up the whole 
question of the financing of 
political parties— industry's sup- 
port far the Tories as much as 
union backing for Labour. The 
tacit two-party understanding 
on party finance has been 
abandoned. 


Powerful 


Ironically, the Government’s 
intention was precisely the 
opposite. The implicit assump- 
tion behind the Bill is that some 
white collar unions may be 
detached from Labour but that 
the party’s core union hacking 
will not be disturbed. Hence 
Labour will not be so financilly 
weakened as to allow the 
Alliance to become a powerful 
challenger to the Tories. 

That at any rate is the wide- 
spread interpretation of the 
somewhat flimsy guidance note 
agreed last month between Mr 
Tom King, the Employment 
Secretary, and the TUC to pre- 
serve the status quo on union 
members’ ability to contract out 
of paying the political levy. In 
reality, the deal will probably 
have tittle impact. 


(the creation of a fund and 
affiliation are entirely 
separate). 

Moreover, Labour MPs such 
as Mr John Smith, the party 
employment spokesman, and 
new members Ur Gordon Brown 
and Hr Tony BJair made it plain 
during the committee stage of 
the bill that the previous com- 
promise on the issue has been 
opened up — and opened up for 
good. 

Instead o£ the present 
minimal disclosure require- 
ments for company political con- 
tributions and ex-post approval 
at annual meetings, the MPs 
have suggested That companies 
should be treated like unions. 
Companies should have to set up 
separate political funds, 
ballots should be required on 
whether political funds should 
exist there should be a strict 
definition of political expendi- 
ture and an opportunity should 
exist for shareholders to opt 
out of contributions. 


Retaliation 


Mistaken 


Yet if ministers believe this is 
likely to leave the overall frame- 
work of political finance undis- 
turbed they are mistaken. The 
other proposals for regular 
ballots on the existence of 
political funds and the much 
tighter definition of the mean- 
ing of political activity, affecting 
especially unions without 
political funds, could be 
counter-productive. 

It would, for example, rule 
out N algo’s recent “anti-cuts” 
campaign. Thus It might per- 
versely lead to the formation of 
political funds by white-collar 
unions even though they might 
not want to affiliate to Labour 


These ideas will no doubt 
horrify many directors who 
argue that companies are not 
the same as unions. But it is 
difficult to resist changing the 
rules for companies if those for 
unions are being altered. Any 
incoming Labour Government 
would undoubtedly introduce a 
reform of the law on political 
finance, while the Alliance 
parties have promised a tight- 
ening of controls on company 
contributions. 

Ministers have forgotten that 
the Tories will not be in 
power for ever. While not all 
changes will automatically be 
reversed, those which appear 
to threaten the basic interests 
of one’s opponents invite re- 
taliation. Such one-sidedness is 
far from a traditional Tory 
approach, but then so is Mrs 
Thatcher’s administration. 

However, the opening up of 
this question may be no bad 
thing in the long run, as a weak- 
ening of institutional support 
for political parties may pro- 
vide a desirable stimulus to 
greater individual parti epation 
in flnaneing political parties. 


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UK shipping 
forecast 

From the Director-General. 
General Council of British ■ 
‘Stepping ... 

Sir,— The shipping . industry 
has been very interested to see 
the letters In the Financial 
Times of March 20. We have 
already gone on record as being 
“appalled*' at the Chancellor’s 
proposals. We are now gather- 
ing detailed information to put 
before the Secretary of State for 
Transport and the Chancellor. 
But it is already clear that the 
TJK flag which has been attrac- 
tive due to “ free " depreciation 
and 100 per cent capital allow- 
ances will lose out still further 
to flags of convenience and, in- 
deed, to other west European 
and Far Eastern competitors. 

The UK-owned and registered 
fleet has dropped from 50m dwt 
is 1975 to less than 20m dwt to- 
day. The Government asked 
os about the future post-Falk- 
lands. We told it that in our 
view the figure would go down 
to some 16m by the end of 1985. 
We must how revise this figure. 
We foresee further losses as the 
incentive to Invest large sums in 
a highly cyclical industry eva- 
porates. 

The Government says it is not 
worried about the merchant 
navy on defence grounds. It 
said this most recently in its 
evidence to the Monopolies and 
.Mergers Co mmissi on over toe 
Trafalgar/P & O reference. How 
far does this sale or transfer of 
ships off the UK register have 
to ga before it is worried? I 
suspect that by toe time it gets 
worried it will be too late. The 
Russians are not making the 
same mistake. They are build- 
ing up their merchant fleet. 

WlP. Shovel ton. 

General Council of British 

Shipping. 

3042, St Mary Axe, 

BCl 

A choice of 

altowances 

Trim Mr E: Barnard 
• Shy— A commendable Budget 
enunciates . a philosophy for 
the future of reducing direct 
taxation' at toe expense, if 
a wws a sry . of reducing toe 
allowances or exceptions built 
up over - toe years. 

Hay I suggest that it is not 
necessary for the Chancellor to 
incur the odium of a particular 
special interest by stopping an 
allowance if he adopted a 
system of “ cafeteria allow- 
ances.” In other words by 
setting the maximum allow- 
ance to be deducted from an 
individual's gross pay he 
might leave it to the indivi- 
dual as to whether he took this 
in life assurance premium 
relief or mortgage interest relief 
etc. Moreover, the perk of a 
company car or private health 
subscriptions paid by a com- 
pany could be regarded as 
“negative allowances’' - in 
reducing the maximum allow- 
ance referred to. 

Surely it is equitable to be 
able to opt for, say, life assur-- 


Letters to the Editor 


aztee premium relief if other 
allowances against gross pay 
are not ■ available to the 
individual. 

E. G. Barnard 

146 Burges Road 
Thorpe Bay. Essex 

Tax coding 
notices 

From the Finance Director, 
Howmedica European 
Orthopaedics 

Sir.— Each year I seem to 
receive my coding' notice tor 
the following tax year around 
about a week before the 
Chancellor announces the new 
Budget, when of course changes 
to personal allowances are 
made- As allowances are now 
as a minimum indexed, is seems 
to me that an inordinate 
amount of time and effort must 
be spent on sending out some 
20m coding notices which are . 
known in advance to be in- 
correct within a week or so. 

Perhaps someone could please : 
let me known why it is not 
possible to delay the sending of 
these notices, so that the correct 
rates can be incoiporaed and 
if timing is a problem, then 
would it sot make sense to have 
the Budget slightly earlier in 
the year? 

David G. Eynon. 

32/33, Station Rood, 

Gerrnrds Cross, Bucks. 

Child benefit 
indexation 

From the Director, 

Child Poverty Action Group 

Sir, — May Wilkinson’s report 
(March 15) on toe Government’s 
tax reform plans suggests that 
in view of the above-inflation 
increase in tax allowances, it 
seems highly likely that the 
Government will agree that 
indexation of child benefit 
would he enough. 


We would argue that toe big 
Increase In tax allowances 
should point to toe very 
opposite conclusion. Daring toe 
post-war period, toe tax position 
of those with children has 
deteriorated relative to that of 
toe childless. For example, 
between 1959-60 and 1983-84 
there has been a drop of about 
4 per cent and 21 per cent in 
the real level of the tax break- 
even points (a measure of tax- 
free income) for a two-child 
family and a four-child family 
respectively, compared with an 
improvement of 32 per cent and 
24 per cent in those for a single 
person and childless couple. 
This trend was deplored by 
Conservative spokesmen when 
in opposition. It is now being 
aggravated. If indeed the 
Government does decide that 
indexation of child benefit is 
enough, then the real value of 
child benefit will have increased 
by a mere 2 per cent since 
1978-79 compared with an in- 
crease of about 12 to 13 per 
cent in toe real value of per- 
sonal tax allowances. 

It had originally been toe 
Conservatives’ aim to secure an 
“ improvement in toe real value 
of child benefit as part of an 
overall reduction in the burden 
of direct taxation ” (Mr Patrick 
Jenkin, 1977). Now that the 
Government is embarking on a 
programme to cut toe tax 
burden, this aim appears to 
have been jettisoned. This is 
despite the pleas of powerful 
voices jn the Conservative Party 
such as the Conservative 
Women’s National Committee, 
which in its pre-Budget submis- 
sion recommended that “ child 
benefit be increased in line with 
any increases in tax allowances. 
The committee feels that this 
would be entirely appropriate 
remembering that child benefit 
has replaced toe former system 


of child tax allowances." 

There are other reasons why 
an improvement in the real 
value of child benefit is still 
necessary, regardless of toe in- 
crease in tax allowances. As 
members of toe Cabinet have 
observed it is the best way of 
tackling the growing problem of 
child poverty. And as you 
argued in your leader (March 
14) it is “the most effective 
way to tackle the poverty trap.” 
Calculations suggest that the 
increase in tax allowances 
already announced will spring 
a mere 10,000 free of toe 
poverty trap. 

Ruth Lister. 

1 , Macklin Street , WC2. 

The forensic 
accountant 

From Mr N. Sherrard 

Sir, — I was most interested 
to read Raymond Hughes’ note 
(March 19) on forensic accoun- 
tancy. Such services have long 
been available and your article 
pertinently reflects the growing 
awareness of their value to busi- 
ness and toe professions. 

I would suggest that to de- 
fine forensic accountancy as 
“ accountancy in the service of 
law” may give too narrow an 
impression of its scope. I see 
forensic accountancy as cover- 
ing far more than the conven- 
tional activities of toe accoun- 
tant The discipline encom- 
passes the full range of investi- 
gative research and analytical 
work; it can be, and is, applied 
in a wide variety of disputes 
and cases — criminal, civil and 
indeed matrimonial — where 
financial or numerical data ate 
involved. The accountancy 
aspects as such are, of course, 
an extremely important part of 
the work but by no means limit 
its scope. 


Threatened tangle in broadcasting policy 


From the President. 
Incorporated Society of British 
Advertisers, 

Sir.— Your leading article of 
March 20. “A celestial duopoly” 
was not the first article draw- 
ing attention to the threatened 
tangle in broadcasting policy, 
but it was certainly toe most 
forceful— and all the more wet 
come for that. It is the view of 
British advertisers that if the 
Government allows a carve-up 
between BBC and ITV oi 1 the 
allocation of direct broadcast 
satellite channels tt will be a 
disgrace. 

As the representative of a 
company which invests nwny 
millio ns of pounds in TV ad- 
vertising, and speaking oa be- 
half ot a great many other 
companies with similar views, I 


am fully aware that broadeast- 
ing policy should not just be 
made to suit advertisers even 
though we supply a large part 
of the finance. Britain's broad- 
casting policy should be 
designed to create new oppor- 
tunities In the creative and 
communication aspects as well 
as commercially. Astonishingly, 
however, the Government seems 
to want to prolong the existing 
BBC/JTV duopoloy and thus ex- 
clude both new creative and 
communication ideas as well as 
new commercial opportunities. 

My association and many 
other people have done their 
utmost to get across to Govern- 
: ment Ministers and officials that 
broadcasting policy will be ill- 
served if an infusion of new 
blood is not sought for toe new 
DBS medium, but there seems 


to be a reluctance to listen. We 
have also tried to point out the 
damage that will be doae to the 
Government's laudable stance 
against monopolies and in 
favour of competition if this 
opportunity is rejected, and if 
the existing JTV companies, 
however successful, are allowed 
to both dominate DBS and en- 
joy an extension of their exist- 
ing Independent Broadcasting 
Authority franchises. 

Even at this apparently late 
stage I urge the Government to 
reconsider its rumoured inten- 
tions and I urge everyone, who 
believes in competition an d 
opportunity, to press govern- 
ment and Parliament for a sen- 
sible and practical decision. 

D. N. A. McLure, 

44. Hertford Street, N.W.L 


The concept of teamwork is 
indeed crucial in this field. I 
would submit however, that the 
true potential of toe forensic 
accountant is folly realised, not 
in his dealings with fellow 
accountants, but in his inter- 
action with professionals of 
other disciplines. 

Nicholas Sherrard. 

77, Aberdare Gardens, NWS 

Tackling high 
rents 

From Mr L. Tooke 

Sir, —It is quite true, as Hr A 
Law suggests (March 14), that 
rents are higher in the enter- 
prise zones than outside, but it 
is no use the CBI directing its 
attention to rents unless, at the 
same time, it starts proposing 
sensible alternatives. 

Both toe trade unions and 
toe CBI are making the same 
mistake; they ima g ine they can 
solve their problems by shifting 
them from A to B. Their 
remedy for high rents would 
probably be something absurd 
— like stopping imports or 
higher (or lower) taxes — but 
rents should be tackled directly. 
This means site value rating. 
And why not? 

Leonard A. Tooke. 

52, Alameda Road, 

Purbrook, Hants 

Considering the 
NEDC 

From Sir Ralph Bateman 

Sir,— Tlie withdrawal of the 
TUC representatives from the 
last meeting of toe National 
Economic Development Coun- 
cil (NEDC) prompts recon- 
sideration of Che usefulness of 
that body. 

NEDC was Intended to be a 
forum at which representatives 
of Government of the CBI rep- 
resenting industry and of the 
TUC representing the work- 
force could meet and study 
econgmic matters, with the 
object of improving the per- 
formance of the economy; it 
has developed into a body 
which is primarily a political 
arena; unless a way can be 
found to remove politics from 
NEDC discussions, it should be 
scrapped. Such action would 
save a great deal of waste of 
tune and effort by staffs of toe 
bodies represented in prepar- 
ing for and tidying up after 
meetings. 

The position of the National 
Economic Develonment Office 
(NEDO) is an entirely different 
matter. The useful work which 
that body and what are known 
as the Little Neddies perform 
should be continued; to that 
end the structure of NEDO 
should be reviewed; at the same 
time, to avtfid duplication, the 
position of the National Insti- 
tute of Economic and Social 
Research should be reviewed. 
Ralph Bateman (Sir), 

S, Boltin Court, 

Macclesfield Rood, 

Wilmslov, Cheshire. 1 


r ONTARIO IS CLOSER A 
TO THE BULKOFTHE US 
MARKET THAN FLORIDA 
TEXAS OR CALIFORNIA. 

120 million consumers and 
56% of North America’s fMHyi lf 

industrial market are within 

Good reasons why Ontario — 
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North American market. 

. Further benefits of an v 

Ontario location are; 

•No foreign exchange controls 

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Professional guidance and assistance is available with: North 
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Further detailed information isobtainable by completing the reply coupon. 

ONTARIO, CANADA |K 


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Please send me detailed information on Ontario as abase for entering the North America market. 
Name and Position 


Company- 



20 


1 8 SSSS 

^ Head Street London 

.astf^Ssss 


FINANCIAL TIMES 


Thursday March 22 1984 


£ 




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£ 

JSLp 


Godfrey Davi; 


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FORMER VICE-PRESIDENT GIVES A SHOW OF STRENGTH 


Mondale takes Illinois with 41% 


BY REGINALD DALE, UD. EDITOR, IN WASHINGTON 


MR WALTER MONDALE has put 
real muscle into his dramatic come- 
back in the battle for this year's 
U.S. Democratic Party presidential 
no minatio n by w inning the crucial 
Illinois primary. Both the former 
ILS. Vice-President and his main 
antagonist, Senator Gary Hart of 
Colorado, agree, however, that a 
long, tough struggle lies ahead. 

When almost all the returns were 
counted, Mr Mondale had 41 per 
cent of the vote in the state's presi- 
dential preference poll, on Tuesday 
against 35 per cent for Mr Hart and 
21 per cent for the Rev Jesse Jack- 
son, who ran more strongly than ex- 
pected among black voters. 

In the separate vote for delegates 
to July's national Democratic Party 
convention, which officially nomi- 
nates the party’s presidential candi- 
date, Mr Mon dale beat Mr Hart by 
more than two to one. 

Mr Mondale benefited from Mr 
Hart's failure to field a foil slate of 
delegates in the early days of his 
campaign when he was still a long- 
shot candidate. 

Mr Mondate, with 97 delegates 
from Illinois, had by yesterday 


gained a total of 041 of the 1,967 
votes needed to win the nomination 
at the San Francisco convention, ac- 
cording to unofficial estimates. Mr 
Hart, who won 39 Illinois delegates, 
had a total of 357 and Mr Jackson 
75, with 268 uncommitted. 

Mr Mondale was also running 
strongly in Tuesday night's cau- 
cuses in his home state of Minneso- 
ta, where 75 delegates are at stake. 
The final results will not be known 
for several days. 

More than a third of the 3,933 
convention delegates have been se- 
lected since the process began in Io- 
wa on February 20, but there is still 
a long way to go - particularly as 
Mr Jackson has no Intention of 
dropping out of the race. 

Mr Mondale said yesterday that 
he expected the fight to go all the 
way to the convention, although Mr 
Hart said that be hoped to have vic- 
tory tied up before then after a 
“marathon" caucus and primary 
battle. The next showdowns come 
in primaries in Connecticut on 
March 27, New York on April 3 and 
Pennsylvania on April 10. 

A relatively subdued Mr Mondale 


seemed more relieved than ecstatic 
by his win in Illinois, the state in 
which he had originally planned to 
clinch his nomination bid. 

It undoubtedly was, however, a 
triumph in bis fight back against 
Mr Hart, who threatened to turn 
away with the race by the force of 
momenta im after a string of early 
victories in New England. 

Mr Mondale has gathered his 
own momentum to take his first im- 
portant primary victory, and the 
biggest prize in the race so far. His 
staff revealed that a private poll 
taken last Thursday night had 
shown him trailing Mr Hart by 32 
per cent to 45 per cent 

Without Mr Jackson, who took 
more than 70 per cent of the black 
vote, Mr Mondale's win would have 
been even more impressive. Jack- 
son supporters would almost cer- 
tainly have gone to Mr Mondale in 
preference to Mr Hart - or perhaps 
not voted at all- 


Mr Mondate's main achievement 
was to start making inroads info 
voting groups that, over the past 
three weeks, have been swept by 


Mr Hart especially younger, well- 
paid, white middle-class profession- 
als, often living in the suburbs- His 
iwfthi strength has remained older, 
blue-collar and traditionally Demo; 
crat voters. 

Recent days have seen Mr Hart 
in a less ebullient and more defen- 
sive mood, in which he has begun to 
make acknowledged mistakes. 

In Illinois, he suffered from 
tangle over campaign advertise- 
ments where he was obliged to 
apologise for misrepresenting the 
Mondale advertisements, and he 
then foiled to withdraw one of his 
own that many people considered 
offensive. 

Most significantly. Mondale staff 
yesterday said that they believed 
their candidate had finally found 
the right combination to do battle 
with Mr Hart - painting himself as 
mature, steady, consistent and ex- 
perienced and Mr Hart as exactly 
the opposite. 

Illino is nevertheless again con- 
firmed the threat that Mr Jackson 
continues to pose to the Mondale 
strategy. 


Pay blow 
to Swedish 
recovery 
strategy 


By David Brawn In Stockholm 

SWEDEN’S largest private-sector 
trade union has effectively dashed 
hopes of a moderate pay settlement 
this year - mid dealt a heavy blow 
to the economic recovery pro- 
gramme of Mr Olof Palme, the 
Prime Minister. 

The metalworkers’ union has ne- 
gotiated pay rises ranging from 6.4 
to 6.7 per cent on behalf of 230,000 
members working In such key ex- 
port concerns as Volvo, Electrolux 
and Asea. 

Employers’ costs will rise by as 
much as 10 per cent, according to 
Government estimates. The settle- 
ment is expected to set a pattern for 
the rest of Sweden’s private-sector 
workforce. 

Mr Palme has asked unions to 
limit the increase in costs to 6 per 
cent This is part of his strategy for 
b ringing the inflation rate down 
from 9 to 4 per cent this year, and 
maintaining the export competitive- 
ness achieved through the 16 per 
cent devaluation in late 1982. 

The Government gave a warning 
last Monday that without low wage 
increases coupled with restrictive 
government fiscal and monetary 
policies, the economy would stag- 
nate, and the budget deficit and un- 
employment would rise. 

Mr Aake Nordlander, the engi- 
neering industry’s negotiating offi- 
cer, regards the agreement as too 
expensive. “It will have a negative 
impact on our competitiveness." 

The ID, Sweden's trade union 
confederation, has demanded an av- 
erage 7 per cent pay increase in 
1984 for its 22m workers, 1.4m of 
whom are in the private sector. 

The employers' federation. SAF, 
says it can afford to pay no more 
than 3-4 per cent this year. 


Mergers panel 
blocks GKN 


Continued from Page 1 

the market in these products and a 
consequent loss of added value and 
employment in this industry.” 

AE submitted its view that the 
joint share of the £44m (563.2m) an- 
nual bearings market would fall to 
60 per cent as customers were 
forced to find a second source of 
supply overseas, which meant that 
the proportion held by importers 
would rise almost sevenfold to 40 
percent 

GKN has argued that the com- 
bined business would fall by a tenth 
for this reason in the first year after 
a merger, but was confident that it 
would quickly make up the shortfall 
when, as a stronger component 
manufacturer, U increased its pene- 
tration of overseas markets. 


French TV satellite project 
to go ahead despite criticisi 


BY PAUL BETTS IN PARIS 


THE FRENCH Government in- 
tends to go ahead with its television 
project using direct broadcasting by 
satellite PBS) despite a controver- 
sy over the system's future. 

M Georges Fiilioud, the commu- 
nications minist er, has confirmed 
that France will launch its televi- 
sion satellite TCF-1 on schedule in 
October 1985. 

Government officials have re- 
cently expressed misgivings on the 
project They also now acknowl- 
edge that the IDF-1 launch will take 
place, although the telecommunica- 
tions arm of the French post office 
(PIT) believes the project is techno- 
logically redundant 

The satellite programme is part 
of a joint venture with West Ger- 
many, which is also due to launch -a 
similar satellite called TV-SAT. 
However, the West Germans have 
yet to decide whether to go ahead 
with their launch. 

The French programme involves 
a total cost of FFr 2.7bn ($335.7ra), 
which includes the TDF-1 satellite, 


the subsequent launch of a second 
back-up satellite TDF-2, earth sta- 
tions, controls and maintenance. 
About FFr lbn has been spent on 
the project so far. 

The Government is committed to 
the project despite criticisms that it 
will provide only three television 
channels by 1987. Moreover, the 
satellite is far heavier than the 
newer so-called “mixed” telecom- 
munications and television satel- 
lites. 

Opponents of the TDF-1 pro- 
gramme also fear that the satellite 
will further delay France's ambi- 
tious cable television programme, 
the fate of which is expected to be 
decided in coming months. They 
claim that the decision to launch 
the TDF-1 is the work of France's 
powerful anti-cable lobby. 

However, supporters of the pro- 
gramme argue that Luxembourg 
would have gone ahead with a simi- 
lar satellite programme and possi- 
bly undermined French interests. It 
now appears that Luxembourg will 


abandon its own satellite and join 
the French programme. 

Backers of the TDF-1, however 
are far from winning the battle on 
the future of new French video com- 
munications te chnologi es. 

The first French DBS satellite is 
expected to be launched on time, 
but the future of the second TDF-2 
back-up satellite is by no means set- 
tled. 

The use of the TDF-1 satellite, 
which has three channels that could 
be used for experimental rather 
than commercial purposes, also re- 
mains undecided. 

Walter Ellis in Amsterdam 
writes: The Netherlands Parliament 
has voted In favour of a third pub- 
lic-service television channel and 
increased access to a proposed sat- 
ellite network by existing, non-prof- 
it-making TV stations. 

Christian Democrat and Labour 
Party MPS joined forces to defeat a 
government proposal that there 
should be no third channel 


Craxi calls 
for vote of 
confidence 


By James Buxton in Rome 
THE ITALIAN Government finally 
responded yesterday to intense 
Communist opposition to its decree 
reducing wage indexation by call- 
ing a vote of confidence in the Se- 
nate. 

The announcement followed 
several days of violent scenes in- 
volving Communists and Socialists 
in the normally dignified Upper 
House. On Tuesday, Sig Dario Valo- 
ri aged 59, a- Communist senator, 
collapsed and died of a heart attack 
a few hours after speaking against 
the measure. 

The vote of confidence, which is 
likely to be taken today, will be at- 
tached to the conversion into law of 
the decree cutting compensation for 
inflation this year under the scala 
mobile (wage indexation) system. 
The Government should win the 
vote without difficulty. 

Yesterday, however, the Com- 
munists said the Government’s 
move would give them no chance of 
modifying the decree's articles. 

The Government, exasperated by 
several weeks of delaying tactics by 
the Communists, is anxious to have 
the decree passed by the end of the 
week. 

A demonstration against the 
measure will be held in Rome this 
Saturday. 

The scala mobile decree has yet 
to be approved by the Chamber of 
Deputies and Lower House by April 
16, when it automatically expires. 


World Weather 




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French drivers may 
extend blockade 


BY PAUL BETTS IN PARIS 


ANGRY FRENCH lorry drivers 
threatened yesterday to extend 
their blockade of the main northern 
frontier posts between France and 
Spain to the southern part of the 
border between the two countries. 

For the third consecutive day, 
more than 400 lorries blocked the 
two main border crossings in the 
northern Pyrenees and at one stage 
a lorry blocked the main railway 
line between France and Spain for 
two hours. 

The French Government met rep- 
resentatives of the lorry drivers at 
Bayonne to try to find a solution to 
end the border blockade. 

The protest, the third by lorry 
drivers in Europe in the last four 
weeks, follows the burping of 21 
French lorries by Spanish Basque 
fisherman. They, for their part, 
were retaliating against the seizure 
by the French navy of a Spanish 
trawler illegally fishing in French 
waters. 

The French Government has 
agreed to advance special credits to 
the owners of the lorries set on fire 


in Spain during the past few days to 
cover their costs until they are 
compensated by the Spanish au- 
thorities. The Spanish Government 
says it is studying a formula to pro- 
vide rapid compensation to the 
French lorry owners. 

At the same time, Paris is con- 
tinuing to press the authorities in 
Madrid to guarantee the safety and 
free passage in Spain of French lor- 
ries. 

. The blockade of the Franco-Span- 
ish border might have serious eco- 
nomic consequences, since about 65 
per cent of all merchandise traffic 
between the two countries is car- 
ried by lorry. Moreover, the dispute, 
coming at the same time as the col- 
lapse of the EEC summit, is being 
taken in France as an eloquent ex- 
ample of the problems dividing Eu- 
rope. 

The main French lorry drivers’ 
union, the FNCR, said last night 
that it was considering blocking all 
French border posts in protest 
against the attacks on French lor- 
ries by Spanish Basque fishermen. 


Justice Department 
clears steel merger 


Continued from Page 1 


er this month that the combination 
of the two companies would not 
constitute a monopoly, while Mr 
Malcolm BaJdrige, Commerce Sec- 
retary, described the initial derision 
to block the merger as a “world- 
class mistake.” 

Mr Baldrige emphasised his de- 
partment's view that a rationalisa- 
tion of the industry was essential to 
a recovery in profitability strong 
enough to bead off demands for in- 
creased import controls. 

Mr McGrath had stood firm 
against these criti c is m s to pursue 
the strategy he announced in his 
earlier judgment of helping the two 
companies modify the agreement 
into an acceptable form. 

He also stressed the need for re- 
organisation, but insisted that this 
should not be at the expense of 
fnalntaiTiing competitive forces in 
the market In talks with ui>. Steel 
And National Intergroup on a simi - 
lar merger deal for ex a mp l e , he set 
such tough terms that the two com- 


panies have abandoned their p lans . 

The new group will have six 

months to sell the Gadsden and 
Massillon units, after which time 
they would be put into the hands of 
a trustee. LTV, however, is to be al- 
lowed to supply hot products from 
its own stai n less operations for a 
10-year period to the buyer of Mas- 
sillon. 

Both plants are in sectors where 
the anti-trust division has found 
that a merger would produce an un- 
acceptable level of market concen- 
tration. But the agreement leaves 
the core of the original transaction 
intact, opening up the possibility of 
rationalisation, particularly of the 
large carbon steel plants owned by 
the two companies on opposite 
sides of the Cuyahoga river in 
Cleveland, Ohio. 

“The divestiture plan, while re- 
quiring the sale of facilities not 
originally contemplated, will not 
materially affect the planned effi- 
ciencies.” the two companies said 


Timetable 
for Nippon 


Telephone 
share sale 
agreed 


By Yoke Shfbata in Tokyo 

JAPANS MINISTRY of Posts and 
Telecommrmi cations (MPT) and 
Ministry of ' Finance yesterday 
agreed on a timetable for selling 
shares in Nippon Telegraph and 
Telephone (NTT), the state-owned 
telephone company. The timetable 
forms an important part of the Tel- 
ecommunications Business Bill due 
to go before the Diet (parliament) 
before the end of May. 

According to the agreement be- 
tween the two ministries, half of the 
equity in. NTT - some Y500bn 
(S2.2bn) -.will be offered to the pub- 
lic in April 1985. Within five years, 
up to two thirds of the new NTTs 
shares will be sold. 

Up to now, the MPT has sought to 
ensure that the Government's stake 
in the new company would not fall 
below 50 per cent There has been 
considerable opposition to that on 
the ground that it would give the 
MPT too strong a position in the re- 
shaped NIT. 

The new NTT is to be capitalised 
at Yl,000bn and will be the largest 
company in tiie country. In fbeyear 
to Mareh 1983 it had sales of 
Y-L344hn - almost as much as Toyo- 
ta Motor - and employed 320,000 
people. 

Brokers differ on how the initial 
stock offering will be priced. Opin- 
ions range from Y200 to Y600 a 
share. The Government is expected 
to release the NTT shares over 
three to four years to avoid swamp- 
ing the market 

Given the necessity of modernis- 
ing the existing Japanese communi- 
cations system, the new NTT is 
bound to require large amounts of 
funds on its own behalf. The Minis- 
try of Finance had been insisting 
that the flotation could help to 
cover the Government's growing 
budget deficit That is strongly op- 
posed by the MPT. 


IBM in joint 
venture with 
Merrill Lynch 

Continued from Page 1 


In the prototype system an IBM 
3270 personal computer is used to 
track automatically 300 selected 
securities alerting a broker to new 
high and low prices. The broker can 
then use the system to place calls 
automatically to clients interested 
in those stocks, while also using the 
computer workstation to run appli- 
cations software like spreadsheets 
or access customer files from a host 
computer and update muling lists. 

The desktop machines will be 
connected to a brokerage office 
computer to provide the market in- 
formation arid a full range of office 
automation packages, eventually 
including electronic maQ. 

Merrill and IBM will be joint 
partners in the new company, as 
yet unnamed, which, it is planned, 
will sell the equipment and the ser- 
vices. IBM said yesterday that a 
number of details, including the 
type of delivery system to be used, 
still had to be decided. 


Paris to urge 
majority vote 


Continued from Page 1 - 
tion against Britain. He said he was 
disappointed by the result of the 
summit but that disagreement was 
preferable to an accord that would 
have been destructive for Europe. 

He said he did not denounce Brit- 
ain which had difficulties adjusting 
to Community life. But he added 
that Britain must enter more into 
the Community and accept its rules. 

Pressed by interviewers on what 
action the EEC might take against 
Britain, M Mitterrand put the em- 
phasis on finding a solution at the 
next Community summit 

He said he would shortly renew 
his contacts in Europe. He declared 
that Europe must find an indentity 
that was “truly European” and not a 
gathering of states that would melt 
into a “vague free trade zone.” 

The French aim in pressing for 
majority voting is to make posable 
the implementation of such agree- 
ments as those abolishing Mone- 
tary Compensation Amounts - the 
border taxes and subsidies which 
even out the impact of currency 
changes on farm prices in national 
currencies. 

The French fear that Britain 
might try to prevent implementa- 
tion. 

The proposal for consultations 
limited to the Six or the Nine is 
seen in Paris as a way of emphasis- 
ing Britain's isolation, while still 
leaving the door open to her partici- 
pation. 

M Gallo said Britain "would be 
placed before its responsibilities.” 


THE LEX COLUMN 



The stimulus of the budget is still 
coursing round the equity market's 
veins, as witnessed by the FT 30- 
Share Trying yesterday, breaching 
the 900 mark. But there are signs 
that the effect may be wearing off. 
Large lines of stock are starting to 
come on to the market, and though 
there are still enough buyers , to 
keep ftaingg moving, sentiment 
seems more finely balanced than 
last week. There is a suspicion, too, 
that domestic investors are if any- 
thing net sellers at these prices; 
with foreign interest taking up tbe 
slack. 


GKN/AE 

Her Majesty's Stationery Office 
must have been working until all 
hours over the past month on be- 
half of the Monopolies Commission. 
Three lengthy reports have been 
published in almost as many weeks, 
culminating yesterday with a docu- 
ment which blocks GKN from tak- 
ing over AE. 

Taken together, the recent re- 
ports constitute s welcome advance 
on the frequently muddled judg- 
ments of the past few years. The 
Pnrmnicgif m has reached a unani- 
mous opinion in each case and has 
displayed a refreshing consistency 
of approach. It would, for example, 
have looked strange if the Cbmmis-' 
sion had permitted a GKN/AE com- 
bination oPte** lxing almost ident- 
ical criteria to reach an opposite 

rn nrlmrinn in thp case at He pwn r th / 

Steettey. 

Moreover, while each recommen- 
dation has been raiamhjguouythe 
Commission has deftly dropped 
dues about its Ekely attitude to fu- 
ture rationalisation in isolated 
areas. In Last week's Trafalgar/P & 
O report, it implied that it would not 
stand in the way of a restructuring 
by tbe container consortia; yestcar- 
day it left the door open for a mar-, 
riage of the distribution interests of 
GKN and AE. The Government 
meanwhile, which once seemed 
bent on cmdermiaing the Commis- 
sion's authority, is now taking ev- 
ery opportunity to endorse its 





contumihg — _ 

mbr&than. vind icated tim- Aarfifej 
recart ecmfidencejr:^--. 

./ The j^tionaKsation^ 11 - - 
Tecovetydnly drew 
1983 , teaving ptem " " 
to come this year* 

■ true of plastics, djlte 
is alreattyalert 
- Rites '■ for . this ; divisLoa'- 
year’s spateof 'plan t_ cfosures^The 
automotive * components tBmmya, 
meanwhile,' h&s a " 

capftaFsafes Ya£m v .B8d !;E»lk;'w 








. . ^Thft -cfautmapfe bwitiAgi^dms- 


ting price .-manipulation : aod . the 
withholding oisupp ties. There may 
be some substance m eaefiof these 
arguments, but it is iiaidly logical 
to advance both suntOtaneausty'. . 

. However well researched Vend, 
supported, dine recommendation in 
the case erf; GKN/AE i/as-for Eep- 
worth/Steetley looks aababmce^tbe 
: wrong one. In a marketmovmgrap 1 - 
icQy towards transnafional^smirc- 
ing, the benefits to be derived frdm 
astro^anddhirrifiedUKcpng»- 
nents group probably oufefceighthe 
potential damage to“ campeSilkJtL 
And, significantly,. that view .seems 
Jo be shared by ahnoistaN the veln-. 
de manufacturers themselves. 


i i i . inMii n 

teat 'profits for .'lBQt agparetitiy 
..takes .for 

gi^ted-.ai4iKjtmsdiae««mLof 


r.j 

a- ” 




ithety .aided by # of.DK tax 
rtosses. The ! shares^ i^np<k«j — - 


!3’« 

. fV 





“ vt-c; sr* ;• ••• 



Turner & Newall 


the .second haff^T JjBJ', BlCCbas 
r doty .cower tbrofcgjfti With/, ^.E47m 
$67.2m)% De- 

."cenfoffiitt " • •*- 




views. 

Best of all, the reccmt recommen- 
dations have turned largely on tbe 
central issue of competition. Here, 
however,, there is still scope for 
greater clarity. Yesterday's report; 
for example, argued that the take- 
over might adversely affect the-pub- 
Iic interest by encouraging overseas 
sourcing and reducing UK employ- 
ment 

Yet the Commission was also con- 
cerned that the creation of a domi- 
nant UK motor components group 
could impair competition by permit- 


At feast yesterday 1 ^ merger-dm^ 

iffn ri ~ s hmilrf JeSS mrrtpK- 

cafion for; Turner & NeWafi xn 19841 . 
Its automotive components division 
facesla challenging.jtear as it dedt 
matises ,nt long last from destock- 
ing togradualvolumegrowth anft. 
could probably do without the extra; 
work threatened by a Icompfex 
amalgamation between tWO J of -^S 
biggest UK customers. r " ' v 

' Prospects for tbe current year so 
donunate the share price, alter its ] 
heady efimb up from last jeer's 24p . 
low, that even, the unp res a ye epn- 
firmatfon Of recovery given tey .the 
1983 preliminary results cut little 
ice in the marketaixL tbe sharps ! 
closed down 5pat Q4p. Perhaps, too, 
the pretax' profits rof'f'£12J5m,\ 
against losses 'if ' £19.3m, uvere . 
slightly short of. scene expectations. 

Certainly the do w nturn in T & 
N*s African, businesses' was an un- 
welcome counterpoint tothe£lL3m 
swing into profits in Jhe tJK and; in 
the - components; division,! FerodoV. 
substantial progress in cmxtiheut^ : 
Europe was partly concealed .bar.': 
losses, at the : Curty. suhsidiary -in : 
France. Still, tile £20m cash^utpfos ; 
generated by the group /and' -'.the 
margin improvements won by. ite 


Ite fo G82m hefore taxj onlyTLper 
dt, Jotter than, last year.- Yet foe 
afipis-. c '- fcamriifrn w~ : -fijffirig 
: at 

: first sight seems rather harsh- -v. 
.3rateed, r tbere aree^ou^'ttarpur^ 
able ^nlbiencfc .imL' BIOJs main 


'7 M '- r 

> ■ • . .... - 


.sj'sSm 

.’s-V 

05 ri-* 3 


''nBDbMdk ... 

; fo. ter6unrf£al|}5i^ . 

.Hattie in' trad iti onal cable ; 


, make for beaKhi«:;margfos),white 
BaHburBeattygoes from- strengtii 
to ; strength; va^.-[Pif?a: foe. trouble: 

some U ? ejectroiiics companies 

’ are probaH^ afrlast £brog • make 
some real sfo&ey. “ ’ _ ‘ . v ■ . 

, ,;AIk the imae^^ifooka lie if the 
mai£et' J wants ' more from BICC 
than jitstboeyearof g^retovery: 
There are some s acfivities with a 
suggestion of bi^i-tedmakigy ap- 
peal to them yet even these are op- 
eratmg in incteedii^yl competitive 
candhfonsi The- retnafoder df -tiae 
grpiq>5fciil bw'a^eavay tycljcal ap- 
pearaape, a^.ai;lnstoric^uiti^e 
of .15 sets it.tjpfmonnp^iisohwith 
electronic growth rtbricsivhmi peo- 
ple are. wtmdering;wtetK^ BICC 
shouldnot-rather bevaiuedby the 
less demahd lh g: stao d a r cS: J dl'the 
ftonstructitm sector :£ ■ ' s -' . 


- ri:: 


General 
idges uf 

qu: 







|3o Frrancia-' 

aSAL MILLS 

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ziir.tr. - 1; c 
r :c: S' cfr.tr-. 
??3K=S i:d: 
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3 


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-'■MV Bfl pic tBfcinins^m, England 


jin Arab- led consortium to Higher net Klockner- Werke expects Dow . Bank 
Jetton acquire Banco Atlantico ^ r e T gs improved performance ri™ f t o 


SECTION IT - INTERNATIONAL COMPANIES 

FINANCIAL TIMES 

Thursday March 22 1984 



MANUFACTURERS & SUPPLIERS 
OF BUILOING & CHEMICAL PRODUCTS 
FOR THE CONSTRUCTION INDUSTRY- 


FEB INTERNATIONAL PLC 

Albany Houw, Swinton Hall Road, BwlMon, 

Waneheatar M27 1 ETT. Tah OBI 7B4741 1 



BY DAVID WHITE « MADRID 

AN ARAB-LED nmw Hih pi jj to 
take over Banco Atlantico, the larg- 
,est and most solid of the 20 banks 
belonging to the Rumasa group, 
-which the Spanish Government ex- 
-■ propriated last year. 

■ 'The deal, which risks increasing 
friction between- the Socialist Ad- 


erful private banking establish- 
ment, involves Arab Banking Cor- 
poration. in c onj unction with the 
state-controlled Banco Exterior and 
the mixed Arab-Spamsh Banco 
Arabe Espahol (Aresbank), 

Their joint bid of Pta S.lbn 
(S33.78zn) for the entire stock of Air 
l&ntico, three quarters of the nomi- 
nal value, was accepted by the Cabi- 
net yesterday in preference to a Pta 
2bn offer from Banco de Bilbao, 
Spain's fourth largest private hank. 

Arab Banking Corporation, 
owned by official Kuwaiti, Libyan 
and Abu Dhabi interests, has a 70 


per cent role in the joint operation, 
with Banco Exterior taking 25 per 
emit and Aresbank the remaining 5 
percent 

The agreement commits them to 
providing a further Pta 7£hn in 
sew capital for Atl&ntico. raising 
their total investment to Pta 12 JHm. 
The consortium will also buy up 
property and other assets from At- 
lantico and guarantee a Pta 7bn 
loan made to the bank by the Bank 
of Spain. 

In addition to the difference be- 
tween the two bids, political factors 
may have weighed in the Govern- 
ment’s decision, since sectors of the 
Socialist Party and the UGT trade 
union were pressing for the state to 
keep some share in Atlantico 
through Banco Exterior. 

Atl&ntico Is based in Barcelona 
and Is the second of the Rumasa 
banks to be reprivatised, after the 


sale of the small Basca Masaveu to 
Banco Herrero. It has a balance- 
sheet total of Pta 280 bn and reg- 
istered pre-tax profits of Pta 1 Jbn 
for last year. 

The Governments advisory com- 
mittee on reprivatisation, meeting 
last Tuesday, refrained from stat- 
ing a preference between the two 
bids, leaving the derision to the 
Government. 

The semi-state Deposit Guaran- 
tee Pond, which is responsible for 
managing the Rumasa banks, said 
both offers fulfilled the necessary 
requirements and were technically 
well founded. 

Spanish bankers have argued 
that Atlantico should be taken back 
completely into private control and 
that a bank of such size - ranking 
tenth in terms of deposits - should 
be kept from falling into foreign 
hanrfg 


Agnellis purchase control of 
BICC La Rinascente for L181bn 



BY ALAN FRIEDMAN IN MILAN 

in, the hnldmg company owned by 
Ftafs Agnelli family, has paid 
Llfllbn (SllOm) to buy control of La 
Rinascente, one of Italy’s leading 
retailers. Following an unusually 
Complex transaction, the Turin- 
based Agnelli company said yester- 
day that it had make the purchase 
0 f 48 per cent of La Rinascente 
through Sees, a financial subsidiary 
x^ch it owns akmg with, other part- 
ners. • 

Bot the composition of Saes 
rfwrehhhfe rs and the fact feat IFI 
was buying a zpajor stake in a de- 
partment stores group that it disen- 
gaged itself from three years ago 


General Mills 
edges up in : ; 
third quarto’ 

■ ‘By Our Financial Staff 

GENERAL MILLS, the big UK 
. . food group, lifted net earnings for, 
the third quarter to February 28 
from $38.4m or T2 cents a share to 
S38_7m or 85 cents, on revenues up 
sHghtty. from SL28bn toSUMbn. 
The earnings figures include the 

- .£®ecis of the company's asset rede- 

ployment programme, foreign cur- 
rency translation and changes in 
-debt structure. Excluding these foe- 
tors, net operating earnin gs rose 2 
. .percent from $48.5zn toK7Jm- 
-• .Net profits for the first nine 
' months edged ahead from SI90m or 1 
’ -S3 JS a share to S192ihn or SL08, 
with sales ahead slightly at SL24bn 

j34-2Ibn)- 

The company said its large con- ! 

- sumer foods division posted vohtme I 
;;;gains of A8 pear cent in the third | 

quarter dver the comparable period, 
bgainst 2 per cent in the first ha lt 
. Restaurant group operating profits, 
;/ however, ~were lower than in the 
•previous. year’s third quarter. 
; 2Blsewhere, toy group profits 
" isfioTOd “excellent growth," speriah- 
i'^y jetaffipg results rose sharply, but 
' 7 fashion group results were “signifr- 
, potty lower* 


raised questions about the reasons 
for the deaL 

In December 1980, the Agnelli 
family company, together with a 
merchant banking partner, dis- 
posed of a 25 per cent stake in La 
Rinascente for L46bn. At the time 
IFI needed to raise cash in order to 
subscribe to a Fiat capital increase. 

The 46 per cent stake in La Ein- 
ascente which IFI has just bought 
was owned by the Cabassi group, a 
Milanese property and insurance 
operator. The same Cabassi family 
owns 36 per cent of Saes, the IFI 
subsidiary which is buying the 
stake. IP! controls a total of 60 per 


cent of Saes, half of which is held 
by its Toro insurance company. 

In addition, the Cabassi family 
has just participated in helping IFI 
to increase its own capital by 
lAlObn. The price being paid by IFI 
for its 48 per cent La Rinascente 
shares is L500 a share, higher than 
yesterday’s Milan share price of 
L482 and significantly above the 
price of L385 just a few weeks ago. 

IFI yesterday denied that the re- 
turn to La Rinascente was a func- 
tion of ‘any particular motive.* A 
spokesman for the Agnelli family 
said that the Cabassi family wished 
to sell out and La Rinascente, 


Firestone to dispose 
of non-tyre activities 


BY OUR FINANCIAL STAFF 

FIRESTONE Tire & Rubber, the 
world’s second biggest tyremaker, 
is to sell its steel products, trie- 
phone products and seatbelt busi- 
nesses. The units do not fit In with 
the company’s long-term strategy 
winch involves concentration on 
tyres and related activities. 

Total estimated annual sales for 
the three units are about S45Qm, 
around 1LS per cent at Firestone's 
S3B7bn sales in the last fiscal year. 
Talks are being held with a poten- 
tial buyer for the telephone prod- 
ucts business, but no talks have 
i been held on the other units. 

firestone also plans to buy back 
a further 5m of its common shares, 
to add to a total of 8.8m bought in 
under two recent repurchase pro- 


grammes. At current prices, the lat- 
est buy-back will cost Firestone 
around $80m. 

BF Goodrich, the fourth largest 
UB. tyremaker, is cutting MO jobs, 
or 23 per cent of the workforce, at 
its chemical group in an attempt to 
reduce the division's costs by up to 
S45m a year. 

The company is firing staff or en- 
couraging retirements following a 
consultants report commissioned 
in the autumn. The cuts will be 
completed by the end of this month, 
and affect all grades of staff. 

Last year the division reported 
pre-tax operating profits of 544.3m, 
compared with a loss of S9-2m. 
Sales rose from SlJ&bn in 1982 to 
*U3bn. 


Bavarian bank lifts dividend 


BY OUR nNANOAL STAFF 

BAYERISCHE Verrinsbank, one of 
West Germany's largest commer- 
cial banks, is to increase its divi- 
dend for 1983 .to DM 11 a share 
from tine DM 10 paid for 1982. 

The Munich-based bank’s 10 
month results suggested that a 


good year was in prospect and Ver- 
einsbank has now announced a rise 
of more than 8 per cent in permit 
bank net earnings for the full 12 
months. 

The bank's group results will be 
announced later this year. 


likely 
for BNP 


By Paul Betts in Paris 

BANQUE NATIONALS de Paris 
(BNP), France’s largest commer- 
cial bank expects to report high- 
er net earnings for 1983 than (he 
net profits al FFr L297bn 
(S162m) of the previous year. 

Hie profit increase should be 
on the same level as last year’s 
inflation rate in France of nearly 
10 per cent. The results will thus 
show a flat earnings perfor- 
mance in real terms, although 
the nationalised bank appears to 
be satisfied whb this perfor- 
mance on account of the eco- 
nomic environment both in 
France and overseas. 

The bank will again make 
heavy bad debt provisions in its 
1963 accounts. These are expect- 
ed to total about FFr 42bo or 
more or between 7-10 per cent 
more than the FFr &9bn provi- 
sions made in 1982. The 1982 fig- 
ure included a doubling of provi- 
sions for sovereign stale risks to 
FFr2Bbn. 

BNP, like the other major 
FVench banks, is undercapital- 
ised compared to Its main inter- 
national competitors. This is one 
of the principal reasons why it is 
obliged to make for forger bad 
debt provisions than its foreign 
competitors. 

While BNP's foreign opera- 
tions performed satisfactorily 
fast year, according to the bank, 
the impact of the higher US. dol- 
lar should result in an 8-15 per 
cent increase in foreign earnings 
expressed in French frane terms. 


Christiania 
Bank sees 
sharp upturn 

By Fay Gjester in Oslo . 

CHRISTIANIA BANK, one of 
Norway's big three co m m ercia l 
banks, achieved a 62.4 per cent 
Increase in profits fast year, com- 
pared with a year earlier mamty 
reflecting a sharp rise in net in- 
terest income. An unchanged 13 
per cent dividend is being paid, 
matching that of the other two 
leading banks, Den norske Cred- 
itbank and Bergen Bank. 

Mr Tor Monrscmd, managing 
director, described the 1983 re- 
sult as satisfactory, and “normal” 
after two exceptionally poor 
years. He said the improvement 
in net interest income was partly 
due to skilful management oi the 
bank's bond portfolio, which this 
year had yielded 10.74 pm- cent 
against 9.65 per emit in 1982. 

Other pootive factors were the 
lower cost of borrowing on the 
short-term market last year, con- 
pled with the fact that the bank’s 
short-term borrowing require- 
ments were lower than in 1982. 

Operating profits, before bad 
allocations, rase to NKr 
52L9m ($68m) from NKr 321m. 
As a proportion of average total 
assets they rose to L71 per cent, 
from 1J3 per cent. Net interest 
income climbed to NKr L19bn 
from NKr 932 & H. As a propor- 
tion of average total assets, that 
was 3J9 per cent, against 129 per 
cent 


CASUALTIES MOUNT AS SLUMP CONTINUES 


- _ 
****’*'’ ; wV**- 


Dutch property market lies low 


BY WALTER ELLIS IN AMSTERDAM 


D U T CH rwwrtwhr nriees show compounded by failures in marine By 1981 it was commonplace for remains one of oversupply, particu- 

Itfo underwriting. Amfas lost FI 68m in home owners to report losses of up lariy in the traditional heartlands of 
mw four the market 1882, and, in spite of several .fore- to 40 per cent on properties they downtown Amsterdam and The 

ineaked. «arivin loan at the start of casts of subsequent profit, made a had bought only a few years earlier. Hague The big city suburbs and 

■'SSSmSSS S kticrfLSSTou farther JamfaW Mortga£ jump** to 13.5 per the centrally positioned city of 

TMCrd. This vear toe contintenfi Once again itwas Nationaie Ned- cent - well above the highest re- Utrecht have benefited in the last 

erlanden that launched the lifeboat corded level of inflation - with the tew years, but overall there is a 


one of the most dramatic slumps on 
riSccrd. This year, toe continuing 
tow level of property values as well 
^ turnover has been hitting hard. 

Sfoee the turn. of toe year there 
Jiave been three notable casualties. 

' Westtand-Utrecht Hypotheekbank, 


erlanden that launched the lifeboat corded level of inflation - with the tew years, but overall there is a 
It already owned 40 per cent of Am- lending banks spurred on by high glut- 

fas and neither wanted that invest- interest rates generally and the Not all agents are pes s i m is tic . Mr 
meat to collapse nor to see a redue- need to restrict borrowings. Neil - Ke nn e dy of Jones Lang Woo- 

tion in confidence in the insurance Government stamp duty on house ton says: There has been an uplift 


tian in confidence in the insurance 


ton says: There has been an uplift 


iiirmrf’nirfrh mnrhMaa VwrniT market purchases only added to the bur- in lettings during the last 12 

SSSSffc SS However, if Westland-Utrecht, den, while controlled rents in pub- months, and the investment market 
ABP and Amiss were mostintbe M. Jawing - <• **X»«*- 


erty portfolio by FI 800m (S289m) 
had. its property financing by FI 


news in connection with property, almost any price attractive for the 




l«w several nmnatv venbares' many other companies and individ- average family. Many Dutch people 
aTtl^FSdSXirB^ uals have been affected by the haveamd outof home ^ownership 
■iium ..y iv Mn.-jin.tn *Mm tm-i a nA. downturn. in recent years to retreat to the rel- 

en. Uu* J«*. “ d red “* d 01 

P* ^ ^ ^pen^on ***>*?, ... — 


almost any price attractive for the are simply not putting money into 
average family. Many Dutch people new prestige s c hem es at the mo- 
have moved out of home ownership ment, but this is. going to change." 
in recent years to retreat to the rel- Perhaps inevitably, he a d ds : "Now 

... i i j . r 


ness, and s^ ctoer^ mort- 
tend-Utreeht twice in the past operations have bernodd to 

Ironically, ABP.ihe largest Dutdi avoid toe attention of the re^iv^. 

Pension fond, with assets in excess . a f^ is ^ iave feit 

of FI lOObn, was itself brought low draught, wbO*, all over the reentry 
for a time by property deatoigs. Its would-be sellers are either delaying 
Property fimdSmSttfoSder in the hope ofaneventoal recovery 


tbeekhank was forced out of bua- the rental market Es tabl is h ed property funds, such 

ness, several other small mort- Today, the bottom has certainty as Wereldbave and the real estate 
gage operations have been sold to been reached but the rate of recov- division of PGGM, the health work- 
avoid the attention of the receiver, ery is slow. The Netherlands now ers* pension fund, have responded 
Estate agents have also felt the has 835,009 people registered as to the depressed local market by 


draught, while, all over the country, unemployed, around a sixth of the increasing their portfolios abroad, 
would-be sellers are either delaying workforce. Many potential house especially in the UiL 




in the hope of an eventual recovery - buyers have been ruled out of the 


market 


As a result of its management 
troubles, meanwhile, ABP has vir- 


tial proceedings: and a new presi- 
dent takes up the reins at the end of 
the month. 


The Dutch economy, aided by 
natural gas, survived the first oil 
shock well, and the effects of the 


Subsidised housing, publicly or tualty deserted property in the last 
privately owned, remains attrac- tax months. The loss of that 


five, and even a fall in the mortgage 


■-> 


gn «ti»rfn«N second arrived there later than in rate to toe present level of under 8 

g awhere, A ^s,.a°°ther_ i ^ or Main. When it cane, per cent has done Wfe to ludjust 


aoqe company, has found itself in 
utter dfoarray after the continuing 
weakness of its property holdings. 


however, the Dutch recession flat- 
tened everyone's expectations. 


demand to supply. 

Zb the office market, the problem 


prominent investor has left a con- 
siderable vacuum. 

There is little doubt that the 
Dutch property market will recover. 
The question is when. 


BY JAMES BUCHAN IN BONN 

KLOCKNER-WERKE, the West 

German steel and manufacturing 
concern, is more confident of its 
prospects in the current 1983-84 
year after tripling its net losses last 
year to DM 139.7m ($53m). 

Herr Herbert Gienow, chief ex- 
ecutive, said steelmaking was still 
losing money but reckoned that 
German production could improve 
by as much as 10 per cent this year. 

KJockne/s steelmaking in the 
year to last September made an op- 
erating loss of DM 244m. The me- 
chanical engineering division 
showed a profit of DM 23m. Total 
sales revenue, excluding intra- 
group transactions, was down 5 per 
cent to DM 7bn. 

Klockner has all but settled its 
long dispute with the European 
Commission and the rest of the 
German industry over production 


levels at its Bremen works, but 
Herr Gienow warned that this 
would not be achieved Tree." The 
company had already paid the Com- 
mission DM 5m of the DM 160m in 
fines imposed, and had set aside re- 
serves towards future payments. 

Provided steel prices stay firm, 
Klockner expects earnings per 
tonne to improve with savings com- 
ing from a complete switch to con- 
tinuous casting at the Bremen 
works. This year, Klockner has re- 
ceived about DM 80m of the DM 
500m state aid promised by the end 
of 1985. 

• Degussa, the West German me- 
tals and chemicals group which last 
month announced plans for a DM 
93J>m (S35.8m) rights issue, has in- 
creased net profits from DM 57.6m 
to DM 81m. 

The result follows a 25 per cent 
rise to DM ll.lbn in sales and con- 


International Harvester 
warns on French unit 


BY OUR NEW YORK STAFF 

INTERNATIONAL Harvester, the 
struggling UB. truck and farm ma- 
chinery group, is forecasting con- 
tinuing losses in its current finan- 
cial year, but predicts that those 
should be reduced from the S434m 
operating deficit registered last 
year. 

In a filing with the Securities and 
Exchange Commission, the compa- 
ny also said that if the reorganisa- 
tion of its French unit were not 
achieved “in a timely manner'’ it 
would be placed in receivership. 

Ilfs comments came as it imple- 
mented the stage of the reconstruc- 
tion plan wortal out with its bank- 
ers last autumn. Under the pro- 
gramme, the company has a 
secondary filing of 12.5m of its com- 
mon shares (as reported in some 
later editions yesterday). Those are 
to be sold to the public on behalf of 
the creditor group which converted 
its debt to equity to help keep IH 
afloat 


A further SlOOm of term debt is 
contingent upon a successful take- 
up of the shares. Hie conversion 
will be triggered, however, only if 
the shares are sold before the mid- 
dle of July at a price not lower than 
S7. compared with the present S97*. 

The SEC document makes dear 
that DTs main preoccupation at the 
moment is its French operations, 
which were the subject of an agree- 
ment with Renault, the nationalised 
motor group, this month. That 
agreement, however, was limited to 
collaboration on component manu- 
facturing and buying, and the com- 
pany is still working on restructur- 
ing its debts with the French banks 
and Government 

On this year's performance, it 
said it expected its trade operations 
to continue to be profitable, bat that 
its agricultural equipment business 
would operate at a “substantial 
toss.” 


firms a forecast made by Degussa 
last November that the year ended 
September 1983 would be “most 
successful* 

Turnover grew strongly in for- 
eign markets but continued to mark 
time at home. Foreign sales rose 
from DM 5.4bn to DM 7.6bn, with 
domestic turnover held at DM 
3.4bn, against DM 35bn. 

Degussa has already announced 
its intention of lifting the dividend 
by DM 1 to DM 9 a share, an 
amount last received by sharehol- 
ders for the year 1980-8L 

Turnover in metals rose to DM 
7.73bn and in chemicals to DM 
3.04bn, against DM 5A5bn and ! 
2.91bn respectively. 

Group depreciation of fixed as- 
sets totalled DM 233m, the same as 
the previous year and new fixed as- 1 
set investment rose to DM 284m 
from DM 222m. 

Merrill Lynch 
executive 
joins Araex 

By Paul Taylor in New York 

MR GREGORY FHz-Gerald, Merrill 
JLynch’s executive vice-president 
land chief financial officer, has re- 
signed to become executive vice- 
president and treasurer of Ameri- 
can Express, the UB. financial ser- 
vices group. 

The move is seen as a head-hunt- 
ing coup for American Express and 
a blow for its Wall Street rival. 

Mr Fitz-Gerald, who is 42, will di- 
rect a broad range of financial plan- 
ning and treasury functions in addi- 
tion to becoming rhuinwiin of 

American Express Credit Corpora- 
tion, responsible for the Financing 
of accounts receivable generated by 
the American Express card. 

I He replaces Mr George Shein- 
tberg, who has rejoined Shearson/ 
American Express as senior ma- 
naging director and chairman of 
Shearson’s corporate investment 
committee. 


SwFr 8.6m 


By John Wicks In Zurich 

DOW BANKING, the Swiss bank 
controlled by Dow Chemical of the 
U B, is to increase its dividend from 
SwFr 20 to SwFr 25 a share for 
1983. Net profits rose 17 per cent to 
SwFr 8Am ($3-93m) and the bank's 
balance sheet total increased 14.6 
per cent to SwFr 2J6bn. 

The performance represents par- 
tial recovery. For 1982, Dow Bank- 
ing cut its payment from SwFr 45 
after a decline in net earnings from 
SwFr 14m to SwFR 7.3m. 

The setback followed heavy de- 
preciation charges and provisions 
totalling SwFr 14m, largely in con- 
nection with credit risks in Latin 
America and through the form 
equipment group International 
Harvester. 

For 1983, the depreciation and 
provisions totalled more than SwFr 
32.6m. Mr Arthur Bolliger, the pres- 
ident and chief executive, said 
about two thirds of this sum was ac- 
counted for by sovereign-risks pro- 
visions. About a third of the depre- 
ciation and provisions total is equal 
to the bank’s income from the sale 
of 43 per cent of Dow Finance Cor- 
poration of Hong Kong to MBF 
Holdings, the Malaysian group. 
This has been set aside as provision 
against a number of loans and prop- 
erty investments in the Far East 
made by the Hong Kong company. 

Dow Banking recently an- 
nounced that it would raise about 
SwFr 34m by the sale of various for- 
eign subsidiaries and shareholdings 
to the newly formed Delaware com- 
pany, Dow Financial Services, 
which is a subsidiary of Dow Chem- 
ical Company. 

Dow Banking now says this year 
or next H will also sell its two re- 
maining non-Swiss operations to 
Dow Financial. These are Dow 
Banking (Overseas), of Grand Cay- 
man, which is wholly owned, and its 
remaining 15 per cent shareholding 
in Dow MBF of Hong Kong. These 
transactions may bring in a far ther 
SwFr 15m. 


An inside look at Standard &Poors. . . behind the 
scenes of this international credit rating service 




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C.-/V to riWf: Hendrik Krov>6arg, Philip Bate!, Edward Planter, Roger TaiUtni. Jr., and Cecilr Saatnfrn. 


REPORT * 1 : How Standard & Poor’s Analysts 
Measure International Credit Quality. 


As the leading, independent global credit rating authority. 
Standard & Poor's maintains the largest credit research 
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Standard & Poor’s Corporation 





Notice of Redemption 


Copenhagen Telephone Company, Inc. 

(Kjobenhovna Tdefbn AktsMcMub) 

936 Sinking Fund DoBar Debentures Due Apnl 15, 1985 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of 
April 15, 1970 under which the above described Debentures were issued, $900,000 principal 
amount of the said Debent ur es have been called for redemption through operation of the Sinking 
Fund on April 15, 1984, die date-fixed for redemption at the redemption price of 100% of the 
principal amount thereof phis accrued interest to the date fixed for redemption as follows: 

Debeatees to mm fmn «f HJW dmorisadN sad kmc *** *■**«** nmbm *Hk prefix feU«r 

7 1293 2460 3800 4858 6470 6877 7226 7565 7876 8221 8523 8929 9233 9604 

20 1298 2803 3829 4870 6*82 6883 7242 7570 7877 8222 8538 8632 9236 9605 

28 MBS 2804 3830 4921 6483 6885 7270 7572 7882 8225 8563 8935 9249 9609 

48 1308 2888 3832 <923 8507 69 1 8 7272 7573 7886 8337 8564 8947 9251 9631 

56 1309 2888 3868 4925 6508 8920 7274 7578 7887 8239 8566 8968 925S 9634 

140 1314 2893 387S 4938 6538 6922 7276 7585 7900 8242 8568 8969 9288 9636 

144 1367 2897 3903 4951 6540 6930 7277 7586 7901 8243 8578 8997 9274 9841 

384 3372 2903 3976 4970 6542 6940 7284 7589 7916 8247 8577 9002 9282 9642 

213 1375 2906 3979 49S4 6545 6941 7285 7595 7920 8248 8587 9008 9285 9646 

237 1386 3911 3980 4988 8551 6945 7286 7596 7921 8349 8589 9011 9292 9648 

276 1403 2912 3961 5039 6553 6955 7297 7600 7925 8253 8692 9018 9306 9654 

318 1520 2915 3996 5065 8554 6964 7300 7601 7929 8259 8593 9019 9309 9656 

319 1623 2916 3998 5206 6560 6969 7304 7603 7933 8261 8597 9023 9310 9677 

328 1525 2928 4024 5250 6567 6974 7308 7604 7941 8264 8600 9031 9313 9678 

329 1541 2934 4046 5272 6578 6963 7308 7608 7948 8265 8602 9088 9344 9682 

330 1542 2961 4047 5462 6580 6989 7311 7613 7964 8207 8605 9037 9354 9692 

365 1575 2983 4069 5483 6607 6990 7314 7814 7966 «T 72 8607 9088 9361 9698 

436 1800 2986 4064 5485 6608 6891 7319 7624 7967 8280 8612 9039 9963 9694 

440 1610 2987 4073 5486 6609 6994 7320 7628 7960 8282 8613 9042 9369 9724 

492 1628 2968 4075 5518 6613 6997 7323 7634 7972 8294 8620 9046 9370 9725 

654 1641 2970 4115 5609 6614 6999 7343 7637 7974 8304 8631 9046 9371 9727 

664 1643 8971 4806 5614 6619 7006 7349 7610 7979 8316 8632 9050 9372 9730 

667 1657 2994 4211 5634 6624 7010 7360 7643 7983 8379 8633 9051 9373 9732 

715 1663 3003 4227 5637 6630 7012 7364 7646 T985 8384 8637 9065 9374 9734 

716 1736 3009 4247 5656 6632 7013 7374 7647 7986 8385 8639 9057 9376 9743 

761 1737 3010 4248 5666 6635 7020 7375 7607 7990 8402 8726 9066 9380 9744 

789 1742 3014 4251 5668 6650 7024 7385 7663 8021 8407 8728 9077 9384 9746 

792 1750 3024 4258 5675 6654 7039 7388 7682 8028 8408 8729 9080 9387 9748 

800 1768 3025 4285 0677 6605 7043 7402 7688 8034 8409 8731 9081 9390 9751 

803 1774 3090 4358 5680 6680 7050 7403 7090 6043 8411 8736 9086 9397 9753 

808 1775 3091 4363 5684 6683 7051 7404 7692 8056 8416 8751 9087 9412 9765 

811 1776 3154 4374 5688 6685 7064 7407 TfiSSI 8057 8419 8762 9098 9417 9766 

819 1779 3160 4378 5697 6688 7066 7408 7705 8059 8422 8765 9112 9435 9770 

825 1786 3250 4380 5698 6707 7081 7410 7715 8067 8433 877® 9113 9457 9799 

826 1789 3267 4381 5705 6708 7087 7415 7725 8112 8438 8780 9(21 9463 9804 


849 

1794 

3260 

4398 

5706 

6714 

7091 

7416 

7727 

8114 

8441 

8785 

9131 

9470 

9808 

887 

1833 

3263 

4399 

5730 

C731 

7095 

7424 

7732 

8132 

8442 

8799 

9135 

9478 

9809 

1063 

1839 

3363 

4403 

5791 

6776 

7108 

7425 

7737 

8135 

8448 

8800 

9139 

9480 

9809 

1060 

1855 

3364 

4434 

5933 

6777 

7113 

7429 

7739 

8137 

8152 

8802 

9141 

9481 

9871 

1066 

1859 

3370 

4481 

6010 

6761 

7122 

7435 

7740 

8138 

8456 

8804 

9149 

9497 

9689 

1082 

1864 

3373 

4497 

6172 

6785 

7123 

7439 

7748 

8141 

8457 

8605 

9177 

9500 

9891 

3089 

1913 

3404 

4548 

6191 

6786 

7125 

7444 

7749 

8144 

8459 

8811 

9183 

9503 

9894 

1102 

1977 

’3405 

4560 

6204 

6788 

7126 

7453 

7785 

8157 

8460 

8815 

9184 

9004 

9900 

1103 

2007 

3447 

4576 

6264 

6800 

7130 

7457 

7790 

8160 

8466 

8629 

9165 

9S11 

9901 

3108 

2014 

3502 

4577 

6408 

6805 

7133 

7458 

7796 

8164 

8469 

8832 

9166 

9555 

9904 

lira 

2016 

3505 

4578 

6409 

6811 

7140 

7460 

7797 

8166 

8474 

8838 

9187 

9557 

9906 

1185 

2031 

3558 

4584 

6412 

6815 

7156 

7466 

7798 

8167 

8479 

8844 

9168 

9558 

9935 

2(90 

2098 

3559 

4605 

6414 

6816 

7164 

7470 

7800 

8168 

8480 

8847 

9191 

9559 

9938 

3194 

2103 

3560 

4698 

6419 

6822 

7106 

7477 

7803 

8172 

8461 

8848 

9193 

9561 

9940 

3195 

2106 

3562 

4708 

6426 

6830 

7174 

7479 

7812 

8173 

8483 

8852 

9196 

9604 

9948 

1207 

2125 

3587 

4741 

6429 

6843 

7175 

7502 

7814 

8160 

8465 

8653 

9207 

9566 

9954 

1212 

2126 

3588 

4748 

6432 

6856 

7183 

7511 

7615 

8186 

8486 

8855 

9210 

9568 

9970 

3258 

2138 

3597 

4746 

6440 

6658 

7186 

7514 

7820 

8168 

8502 

8896 

9220 

9575 

9976 

3259 

2145 

3598 

4757 

6443 

6862 

7187 

7528 

7821 

6190 

8505 

8899 

9221 

9593 

9977 

3260 

2165 

3800 

4758 

6446 

6663 

7191 

7546 

7826 

8199 

8506 

8900 

9222 

9594 

9960 

1280 

2183 

3604 

4759 

6447 

6865 

7193 

7550 

7887 

8205 

8510 

8906 

9223 

9596 

9981 

328 1 

2196 

3616 

4765 

6458 

6869 

7202 

7558 

7843 

8214 

8516 

8907 

9226 

9508 

9982 


1287 2109 3668 4767 6461 6870 7203 7550 7819 8215 8519 8911 9227 9600 9984 

1291 2203 3702 4816 6462 6871 7211 7560 7871 8217 8620 8920 9231 9601 9987 

1292 2456 3798 4857 6466 6873 7222 7564 7874 8219' 8521 8927 9232 9602 9990 


The above described Debentures will become due and payable on April 15, 1984 and interest 
thereon shall cease to accrue. 

Payment of the redemption price of 100% of the principal amount of the Debentures will be 
made upon PRESENTATION and SURRENDER of such Debentures with ail coupons apper- 
taining thereto maturing after April 15, 1984 at Citibank, NA, Receive and Deliver Department, 
5th Floor, 111 Wall Street, New York, New York 10043 or the main offices of Gtibank, N.A. 
in Brussels, Belgium: Nice, France; Paris, France; Berlin, Germany; Dusseldorf, Germany; 


Frankfurt (Main), Germany; Hamburg, Germany; Munich, Germany; Athens, Greece; Piraeus, 
Greece; Thessaloniki, Greece; Milan, Italy; Rome, Italy; Amsterdam, Netherlands; Rotterdam, 
Netherlands; The Hague, Netherlands; Geneva, Switzerland; Lausanne, Switzerland; Lugano, 
Switzerland; Zurich, Switzerland; London, England; Belfast, Northern Ireland; Dublin, Ireland; 
Citibank (Luxembo u rg) 5-A.: or -at the office of Privatbanken i Kjobenhavn, Copenhagen, 
Denmark; Algemene Bank Nederland, N.VL, Amsterdam, Netherlands; Kiedietbank, S.A. 
Luxexnbourgeoise, Luxembourg; Skandinaviska Enskilda Banken, Stockholm, Sweden; Swiss 
Bank Corporation in Basle, Switzerland; and Deutsche Bonk A-G n Frankfurt l Main), Germany, 
as the Company's paying agents. 


Dated: March 15, 1984 


COPENHAGEN TELEPHONE COMPANY, INC. 

By Gtibank, NA, 
Trustee 


PERUVIAN NATIONAL LOAN 
6% External Sinking Fund Bonds 1928 
(Second Series) . 


S. G. WARBURG & CO. LTD., announce that Bonds for the nominal amount of £29,100 have bean 
drawn for the semi-annual redemption instalment due 1st April, 1984. 


The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as follows:- 

£1,000 Bonds 



8627 

8690 

8778 

8863 


8940 

9003 

9103 






£500 Bonds 





7236 

7332 

7372 

7424 

7454 

7477 

7552 

7829 

7669 

7712 

7734 

7783 

7844 

7893 

7949 

7971 

8048 

8108 

8172 

8239 

8268 

8321 

8386 

8463 

8497 










£100 Bonds 





IIS 

152 

301 

349 

497 

675 

699 

735 

797 

841 

929 

1024 

1111 

1179 

1240 

1293 

1429 

1490 

1549 

1591 

1699 

1742 

1777 

1792 

1920 

1992 

2100 

2187 

2233 

2261 

2323 

2394 

2S68 

2703 

2743 

2908 

2948 

3012 

3057 

3128 

3157 

3320 

3365 

3431 

3495 

3583 

3610 

3716 

3865 

3910 

3984 

4067 

4178 

4199 

4309 

4356 

4438 

4564 

4622 

4649 

4697 

4749 

4796 

4913 

5019 

5110 

5196 

5226 

5291 

5357 

5461 

S539 

5661 

5692 

5787 

5804 

5936 

5991 

6057 

6076 

6192 

6236 

6276 

6408 

6475 

6564 

6641 

6712 

6766 

6868 

6918 

6959 

6966 

7037 

7124 

7175 






On 1st April, 1984. assented Bonds will become payable at the new par value of £174 for each 
£100 nominal, together with accrued interest to said date at the office of:— 

S.G. WARBURG & CO. LTD., 

Bond Department. St. Albans House, 

Goldsmith Street, London. EC2P 2DL 

Interest will cease to accrue on the Bonds called for redemption on and after 1st April, 1984, and 
Bonds presented for payment must have attached ail coupons maturing after that date. 

£141 200 nominal Bonds wHI remain outstanding after 1st April, 1984. 

The following Bonds drawn for redemption on the dates stated below have not as yet been presented 
for payment 

1st October, 1983 


£100 Bonds 


£S00 Bonds 


CIOO Bonds 


£600 Bond 


£100 Bonds 


£100 Bonds 


£100 Bonds 547 


£100 Bond 4330 


£100 Bond 4316 


£100 Bond 2734 


2 

1919 

4915 

6222 

37 

2297 

5267 

6543 

194 467 777 
2840 3066 3277 
5383 5458 5542 
7144 

813 

3326 

5924 

1339 

3894 

6022 

1760 

4038 

6122 

1789 

4893 

6214 

7476 

7596 

7774 8255 







1st April. 1983 





288 

3628 

5799 

708 

3757 

6545 

839 1737 2237 
3831 4105 4315 
6886 

2483 

5359 

3067 

5475 

3275 

5629 

3513 

5776 

7460 

6638 


1st October, 1982 





669 

776 

1392 1931 2427 

5523 

5974 

6184 




1st April, 1982 





150 

4006 

5858 

954 

4167 

6908 

1065 1177 3496 
4368 4699 4805 

3424 

4903 

3631 

4937 

389S 

5023 

3917 

5684 

7353 

7869 






8761 


1st October. 1981 





1772 

2236 

3432 4229 4695 

4886 

5244 

6081 

6179 



1st April, 1981 





IO 

5238 

780 

5543 

1929 3288 3676 
5630 5685 5826 

3729 

4030 

4205 

4581 

8059 


1st October, 1980 





547 

4314 

6687 

714 

4388 

6981 

861 2201 2422 
4742 4767 5975 
7131 

2922 

6123 

3316 

6361 

34S4 

6449 

3884 

6489 

7503 

7992 

1st April, 1980 





2600 

2733 

1st October, 1979 





3117 

3489 

4503 4624 4887 

4954 

5544 

6983 




1st April, 1978 





4830 


1st April, 1977 





4316 


1st October, 197S 





2734 








30, Gresham Street, London, EC2P 2EB 


22nd March, 1984 




INTJL. COMPANIES & FINANCE I UK JOTWMC inWcmto^ 


Marcos associate tipped to 
be head of San Miguel 


ECONOMIC Ad'i VITT'— Indices of IndusMaLprodu^m^j 
factoring output. (1980=100)^ engineering; TOA'SHOT? 
retail sales volume (1978=100);. 

registered unemployment (excluding school- tewra) . 
united vacancies (000s). ARseaswra^adfitated. * ■»: : . 

IndL Mfg. Eng. Retail. RemiL TJnaab' : 
prod, output order voL value* plqyed 


n 


1983 . . 

lstqtr. 99.5 913 

2nd qtr. 99 j6 912. 

3rd qtr. 10L3 95.7 

4th qtr. 192JL St* 


ss ios.5 ,hm: 9m: 

n 1073 ..: 11957 ■ 4*87 : 

90 3^58 

-151A - %94l 


BY EMIUA TAGAZA IN MANILA 


MR EDUARDO COJUANGCO. 
one of the Philippine’s leading 
businessmen and a dose asso- 
ciate of President Ferdinand 
Marcos, is being widely tipped 
as the next head of San Miguel, 
the country's largest publicly 
quoted corporation. Mr Andres 
Soriano, who headed the com- 
pany for many yean, died in 
Madrid on Monday. 

Mr Cojuangco is now acting 
1 chairman. If he becomes chair- 
man, be will be one of the most 
powerful corporate figures in 
the country. He is already vice* 
president of the United Coco- 
nut Planter’s Bank (UCPB) — a 
leading commercial bank which 
controls the coconut industry, 
the country's major export 
earner. 

Last year, after bitter rivalry 
within San Miguel, the company 
made a share swap with UCPB 


giving both concerns substantial 
holdings in the other. In 
addition, Mr Cojuangco bought 
a substantial block of shares in 
San MigueL Through these pur- 
chases Mr- Cojuangco and two 

others closely identified with 
him obtained seats on the San 
Miguel board. 

Given tiie political delicacy 
of President Marcos’s relation- 
ship with the country’s business 
leaders, Mr Cojuangco ’s moves 
towards the chairmanship of 
San Miguel are inevitably seen 
as highly controversial. Mr 
Cojuangco advises the president 
on financial and investment 
matters.' 

A decision on a successor to 
the late Mr Soriano is due to be 
made at a meeting on San 
Miguel’s shareholders in May. 
Many in Manila believe that Mr 
Cojuangco already has enough 


support to become chairman 
although opinions vary on the 
extent to which he will involve 
himself in day to day manage- 
ment. 

San Miguel was established in , 
1890 as a beer making company. I 
Brewing continues to account ! 
for the greater part of its j 
income. Through a “holding 
comany, Anscor, it has now 
diversified into pulp and paper 
manufacturing, steel containers, 
oil exploration, shipping, insur- 
ance brokering and a variety of 
industrial ventures. 

Is the first half of 1983, San 
Miguel’s net profit was 177m 
esos (S13m) on a turnover of 
3Atm pesos. Second half results 
are still awaited but thet com- 
any has indicated that they will 
be down on the first half levels. 
In 1982. San Miguel had the 
highest net profits In the 
Philippines. 


July 10UL S6A . . 104 . 107.9 . 123* . .2^57 

August 1OL0 - 9S.4 V 8T 107.5 - 123.7 *4*1 

September 10U 954» *4 llOfi 1243 2fiSl 

October 10L* 95.7 55 109.0 13&4 2^41 

November 10L8 95.8 9S. U&9 . HLO - 2,937 

December 1019 974.. ' . 1^4 V.^«* 

£9g4 - • 

January 10LS 97.8 • 107.7 123A- 2£76 

February • 108.9 3,005 


OUTPUT— By nnakat ^tar consumet jiK 
intermediate .goods, (materials and: fae!®}; 
metal manufacture, textiles" leather and., 
boosing starts (000s. monthly average);, 

Consumer InvsL Intend. Bug. . . 
goods goods - goods , outpijt 


Isolds; 

0$>Qn 


M b . ! 

• ,sv 1 


v "■ • «" w ‘ 


1983 

lstqtr. " '95.7 9L5 .106.9 9L9 

2nd qtr. 95* 902 106-8 92.4 

3rd qtr. 97.0 90.5 J HHL5 . 9&4V 

4th qtr. 963 9L5 lOtW.^Stfi, 

July 97.0 92 J) . 107.0 94$, f 

.August . 97.0 90.0 M8J0 - 

September 97.0 -90.0 . . . 110.0 : • -’93.0 . 

-October 97.0 *£*-..> 

November 97.9 9L0 , 109.0 - J0i0w 

December 97.0 930- 3100 V- OS.O - : 


Metal: 

mnfg;' 


dtc-'^starts* 


1984 „ :'■--*** - 

January 97.0 93* ULfl 

EXTERNAL TRADE— Indices of export ahd ; -imti0rt s vslmne 
(1980=100); vis0ile bal^ce; riirri2iit balance f£m); bRr hUbnee 
(£to); terms- of trade (1980^=10));, «u*an^.resesvps;3 

' Export • Import 7 -Visible "Curteat . . CSt .vTfe aits’- Keoc - 
volume volume balance balance haiinyn .tradeUsSbn* 

■ 1983 ■ - . , • ■■ 1 - ' . i , y: - 

1st qtt. 1024 X043 +20 - 97 J ?V«*f 

2ndqtr. ' 1003 1046 -460 

3rd qtr. 993 1004S- —248 ^HfcKK -M^2L 99ii '3790 . 


- 99:8. " 
1042* 
180, 
T98J. 
T07J9 : 
JOftO 

■.mo:- '*■ 

104.0- .4 
iu.0 : 


88.2;..Ul»aL 

89^,112 
IfeS- . 
'SOJt y i&jz \ 


it'- £*-** 


Gasco share offer postponed 


BY ROBBtT COTTRBJ. IN HONG KONG 


AN OFFER for sale of shares 
in Gasco Investments, the Hong 
Kong company controlled by 
Ur Jim Raper, has been post- 
poned on the advice of two 
Hong Kong stock exchanges. 

The offer, of 18.7m Gasco 
shares at HKS1.7Q each, was 
intended to secure the listing 
of Gasco on the Kam Ngan and 
Far East stock exchanges. Pre- 
viously, Gasco had been listed 
on the Hong Kong stock ex- 
change, but its shares have been 
suspended since 1978 and -were 
delisted at the company’s 
request earlier this year. 

The offer would have raised 
HK$3L8m (US$4m), and 
reduced the controlling interest 
In Gasco held by Berried ale. 
the vendor of the shares, from 
93.5 to 75 per cent. Berried ale 
is a private company controlled 
by Mr Raper. 


'Hie two stock exchanges are 
thought to have decided to 
advise postponement of the 
offer on Monday of this week. 
Mr Raper had been planning to 
issue his prospectus today. 
The prospectus bad been 
approved last week by Hong 
Kong's Securities Commission, 
after detailed discussions with 
the vendor involving more than 
a dozen successive drafts of the 
document. 

Mr Raper said yesterday he 
did not know why the postpone- 
ment bad been advised, but he 
hoped to make the offer in June 
or July. The delay would permit 
incorporation, into the prospec- 
tus, of new accounts for Gasco's 
financial year ending March 31. 
This week’s prospectus would 
have included audited accounts 
up to September 30 1933. Gasco 
is expected to forecast 


HK$33.8m net profits' for the 
year to March 31 1985. 

The offer price would have 
given Gasco a stock market 
capitalisation of HK$170 ul. 
Gasco controls the British com- 
pany Saint Piran, which in 
turn controls Westminster, a 
property developer, and Mil- 
bury, a housebuilder. Mr Raper 
said he intends that Gasco 
should also invest itt Hong 
Kong, particularly in the elec- 
tronics and property sectors; 

• Hon g Kong issues believed to 
be in preparation include Shell 
Ele ctric Manufacturing, raising 
HKSISOm, and Playmates, a toy 
company. On Monday this week. 
Applied Electronics raised 
HK$28m through a private 
placing of 143 per cent of its 
shares, and says k may go 
public later.- 


BAn raises dividend 
despite profit dedine 


BY MARY FR1NGS IN BAHRAIN 


NZ$64m loan 
for Brierley 
Investments 


BAH (Middle East) EC, the 
Bahrain subsidiary of Coxn- 
pagnie Arabs et Internationale 
d’lnvestissement (CaH Luxem- 
bourg), is paying its share- 
holders an improved dividend 
for 1983 despite a fall in net 
profit for the year from 
US$2 ,7m to US$2.4m. 


The Ub$lm (5 per cent) 
-dividend compares with 
US$600,000 in 1982. 

Total assets declined 9.5 per 
cent, from US$575m to 
US$52 Om, and loans were down 
6.6 per cent from US$217m to 
US$203m. The leading figures 
are net of provisions based on 
the directors' appraisal of the 


portfolio at year-end, and not 
specified in the annual 
accounts. 

Ou 'the liabilities side, there 
was a marked drop in deposits 
from group companies, from 
US$3 tin -to- US$8m— while 
deposits from customers fell by 
US$8m to US$S5m. Deposits 
from banks were US$22m lower 
at US$402 m. 

BAH (Middle EasfV has paid-" 
up capital of US$20m and a 
subordinated loan of US$15m. 
It has operated in Bahrain since 
1976. Originally as an offshore 
branch of a bank registered in 
the Bahamas but from 1981 as a 
locally-incorporated offshore 
bank. 


By Dai Hayward in Watfington. 


Pioneer launches $402 
micro personal computer 


TOKYO — Pioneer Electronic, a 
leading maker of audio visual 
equipment, is to introduce a 
micro personal computer at the 
end of April. 

The Pal com PX-7 will be re- 
leased on the domestic market 
initially. Exports will begin 
after an indefinite trial period. 
It will sell for Y89B00 ($402). 

The 16-K computer, featuring 
MSX basic software, can be con- 
nected to Pioneer’s laserdisc 
players via a built-in interface, 
allowing users to play games 
through their computer. 

Only three laserdisc games 
are available, but Pioneer plans 
to introduce a title every two 
months. 

The PX-7 can also be used 
to superimpose graphics onto 
videotapes, and features stereo 
sound. 

Victor Company of Japan 


(JVC) will introduce a similar 
system for its video disc players 
in the autumn. 

• Japan's Finance Ministry has 
authorised the merger of two 
mutual savings and finance 
banks as from April L The 
move is the first of its kind since 
1971 and the upgrading of the 
merged bank would, if it occurs, 
be the first since 1968. 

The two banks involved, 
Nishi-Nippon Sogo and Taka- 
chiho Sogo, are to form the 
Nishi-Nippon Bank, which will 
have assets of Yl,841bn ($8.1bn) 
and a paid up capital of 
Yl2.7bn. It is not yet clear 
whether the new bank will 
remain in the mutual category 
or seek ordinary regional bank- 
ing status. 

Nishi-Nippon Sogo is the 
country’s largest mutual bank 
Agencies 


BRIERLEY INVESTMENT?!, 
the New Zealand -investment 
company m . by Mr - Ron 
Brierley and one of the 
country's largest companies 
has obtained. 
rU5$43m) nnseenred lean 
from a consortium of local, 
and foreign banks. 

The loan is in the form of 
a long-term — multi -currency 
facility and Is the first of its 
kind for a New Zealand com- 
pany. It gives Brierley a fund 
on which it can draw for 
investment purposes. “If we 
see something worth going 
after we can react immedi- 
ately. Our lifeblood is the 
strength of our credit facility 
and our ability to react 
quickly,” 

The loan syndicate was put 
together by Mr Robert Seldon 
of the Sydney-based Pitts- 
burgh National, Seldon And 
Company. The banks involved 
come from Asia. Europe and 
the U.S. The loan is in two 
Parts — a NZ$ facility for 
investments in New Zealand, 
which will be backed by a 
letter of credit from the over- 
seas members of ■ the 
syndicate, and a portion avail- 
able in either a convertible 
European currency or an 
Asian one for investments 4n 
the respective areas. 

This arrangement mini- 
mises the downside currency 
risk on overseas investments 
by Brierley. According to Mr. 
Seldon the interest payments . 
will be lower than those 
generally paid on the New 
Zealand market. 

The New Zealand par- , 
ticipants in the syndication, 
are the Bank of New Zealand, 
Barclay New Zealand, Broad- 
bank NZ and the Marac Cor- | 
po ration. 


* 


CRED IT D'EQUIPEMENT 

DES PEITTES ETMOYENNES ENTREPRJSES 


UEP boosts 
earnings and 
plans rights 

By WongStriong in Kuala Lumpur 


£ 100 , 000,000 

Guaranteed Floating Rate Notes 
Due 1996 


For the three mouths 
2 1 st March 1984 to 2 1 st June 1984 
file Notes will cany an interest rate of 9 K*% per annum and 
Coupon Amount oF£l 139.00 per £50,000 Note and 
£113.90 per £5,000 Note, payable 21 st June 1984. 

By: Bankers Trust Company, London 
Fiscal Agent 


THE LONG-TERM 
CREDIT BANK OF 
JAPAN FINANCE N.V. 


U.S.S25, 000,000 Guaranteed 
Floating Rate Notes due 1988 

For the six months 22nd March, 1 984 
to 24th September, 1 964 the Notes will carry an 
Interest rate of 1 1 Vis% per annum with 
a coupon amount of U.S.S289.01. 


Bankers Trust Company, Singapore 
Agent Bank 


UNITED ESTATES PROJECTS i 
(UEP), a large property group 
controlled by Mr Daim Zain- 
uddin, a leading Malaysian 
entrepreneur, boosted pro-tax 
profits by more than 70 per i 
cent to 43.6m ringgit (US$ 
18.5m) for the year ended 
December. 

Turnover rose 55 per cent to. 
119m ringgit , despite the slug- 
gish property market The 
strong result is a reflection of 
the good demand for shopping 
units at Subang Jaya Town, 
outside Kuala Lumpur, which is 
being developed by UEP. 

Final dividend is 5 cents mak- 
ing an unchanged 12.5 cents for 
the year. 

UEP is proposing a I-for-4 
bonus issue to be followed by a 
rights issue which would 
2-for-5 rights issue which, would 
raise its paid-up to 185.6m 
ringgit from 112.5m ringgit. 

The rights, at 2 ringgit each, 
would bring in 99m ringgit for 
additional working capital mid 
to finance expansion. 

One project on the cards is a 
partnership with Sime Darby 
to develop a large piece of plan- 
tation land near Subang Jaya 
into another township. 




September 10U». 107.2 • ” -fc$Sl ,?+S26L - '99b$^ : 

October 1032 lift# .^-42SL _ *r2l3 +5M'; : : lRW 

November. 194*’ T08J1 .+'7I : +2*L - h4-6W 

December 1£-L3~ 112-1 > '&S3- S 7.82 

1984 : • '- •»• .r-.r f-’v : 

' January • 10Mr - - 112i' v^-339 V —22$ - -b7l$ V/ 

February - . '•'V’. ; • -.-v’-' 


February - • .... • . • V\ ; . ■ 

^ . ■■■ . x . 

FINANCIAL— anfl Bteriifig MS, Jranfc advmices - 
In sterling to'toe private sector : (three TBoStn^i^rdwmStra^Aadr ' 
sate);, domestic credit expansion (£m)r bufltRng: societies? net. : 
Inflow; HP, mew credit;, a)t seasonally adjusted,- caeazin£^Baifk - 
base rate (end-period). ' 

' . ; ; Bank*. J vvv* -r ' .---tr.' ‘Base' 

MI M3 advances DCE . 


1983 ' 

% 

' 

56 •.,.' Sm : 

. ‘ 1; * 

lstqtr. 

&S 

$3 : • 

19JB . '•fjbw > 

2nd qtr. 

153 


.15$ 

3rd qtr. 

JUS 

: : .M." 

24jB 

fhqtr. 

TO* ‘ 

' -K8 -7 


July- 

14.0 


xui + Tin- * 

August 

1L5 • 

-148: 

245 +-£44 '■* 

September. 

Ofi- 

.33: 


October •• 

:8j6 :■ 

■ 4**: 

•»3 .+***»:; 

November • 

73 

83 

22$: j-m 

December"-. 

153 

. 15.2" 

1L9 

•1984 - 


•' ’ \ . .-. 


January 

. -73 

iu: 

12 jj 

February 

7.7. 


n$ 


r 2^» MIOAf. 


7W ■ “ 9^8 


INFLATION— Indices of .- ^arningK ; t Jto- 1980=100); baric 
ma t eria ls and fuels;- wbolesate prices. of numu&ctered products 
(1980=100) ; ' retail' prices - aivr Tood piftee XM74 =100>i FT 

. weighted Mlue of 

... Earn- Basic ’Wb3al& V, .-.•IT*' . ■<*'■ 

t - : - - .raatls.* . nmfgL* ,vRRL? - Fqods» comd^r. strig. 

lstatr. 144.7 .124.6 ; Bli : 2&J$ .3Q2J . 27229 . 80S 

2nd qtr. ■. 148.9 123.0 : 1242 • - ^ 3082- V 27229 ' T 342 

4th qtr. . 1532 128.4 *• 126L7. 3412 ..- 31&4 «.. . 29820 832 

August • 1502 J24.6 1242 3382 309.4 ' “29322 852 

September 1502' 12&5 . T25.7v 3392 ' " Z88J4 * 842 

October 161.7 1262 1262 340.7 - 2142 JW348 83A 

Noveftber- ^52*~ -T2tAr'5Stt~ 8i7 

De^ber VSJ. , ^ gj 

January 182.7 1332 ' 1282^ '.' 3422 3192 ^ 295.75 W2 
February 134-1 ' JL282 344J> . 32L4 r 29L34 j . 822 

* •; \ ♦Ntdroastmillyadjusted. - ;; 


INVEST IN 50,000 BETTER 
TOMORROWS ! 


Md WlL&ws W.wortt |or4h* CASE 

Of MA TOIE SCt^OSjS-suffataa uid.u-coiitiuM «ar 
dm oom and cm ol MULTIFtE SCOROS18 Ummsfe 

Please fcdp— fcsd i fawtloB tei day lu ; 

Room Fa 

The Multiple Sderosb Sadety oT GB.4ndifjL 

286 Minister- Rood...'-". 

FnDwm, Louden SWB 6BK 


BASE 1EHDM& RATOS 

ABN. Bank 8i% MHambrus Rank T., 

Allied Xrisb Bank Harltable & Gen; 

Amro Bank .....^_..._ ■ Hill Samuel ,.-..;. - 


Hemy Ansbacher ...v.. 8)% 

Armeo Trust Ltd. 

Associates Cap. Corp. 9J% 

Banco de Bilbao 8496 

Bank Hapoalhn BM 8i% 

BOCT 84% 

Bank of. Ireland ...... 84% 

Bank Leumi (UK) pic. «i% 

Bank of Cyprus 84% 

Bank of India 81% 

Bank of Scotland 8|% 

Baoque Beige Ltd; ... 84% 
Banque do Rhone ...... 

Barclays Bank' 

Beneficial Trust Ltd.... .94% 

Bremar Holdings . Lta. > 84% 
BriL Bank of Mid. East 84% 
Brown Shipley ......... 9. % 

CL Bank Nederland ... 8J% 


•Hamhros Bank ;..'. 

.^,^ ble:4Gen - T r u 3 t »i% 
■ HiU.SUQDfi g|% 

-C Hoaredc Co.:-;;‘!!”t 8i% 
■Hongkong Si Shanghai ' 8*% 
Hingsnprth Trust. Ltd. 10'% 
Riowsiey Sc Co. Lta^.. 94% 

Lloyds Bank- ..^ 

MallinhaU Limited. ... 84% 


■ Brown- Shipley .......... & % 

CL Bank Nederland ... 8J% 
Canada Perm’t Trust.,. 10 % 
Castle Opart Trust Ltd. 9 % 

Cayzer Ltd. ; gioj 

Cedar Holdings 9 % 

■ Charterhouse Japfaet.. 8i% 

Chouiartons 10*% 

Citibank Savings ...... no£% 

Clydesdale Bank J gi% 

C. E. Coates *Sf% 

Comm. Bk. of N. East 84% 
Consolidated Credits ... 9 % 
Co-operative Bank ...» 8i% 
The Cyprus Popular Bk. 84% 
Dunbar A Co. LtdT ... . 84% 
Duncan Lawrfe.. fli% 

E. T. Trust :.„■ 84 %l 

Exeter Trust Ltd, , 9i% 
First NaL Fin. Corp-.. 11 % 


*irst Wat. Fin. Corp-.. 11 
First NaL Secs. Ltd_. 101 


Robert Fraser I 91% 

Griadiays- Bank a*% 

Guinness' Mahon 8J% 


, Edward :Manson & Co* 10 % 
i MfShraj and Sons Ltd. 8i% 

\ -Midland Bank.,:......,;, f f % 

;■ Morgan. -GrenfeU '84% 
i National Bk. of Kuwait 84% 

; National Girobank 84% 

; National Westeunsfer 
. Norwich Gen. TSL g*% 

1 ’ J^Pbael gc Sons .1. - .8*% 
i •• F. -S. Kelson & Ca. IjiJ..--' 8j% ; 

. -Rnxburgbe Guarantee 9i% 

• RqyaI-Trost43u. Canada. , 8J%. 
■ JHenry Schroder Wara 84% 
Standard Chartered. ...(1 84% 

1 . Trade I>ev. Baj2jf v..... 

TCB ...— giqr 
Trustee Savings 'Bank 84% 
United BaakoFKuwait 84% 
Uni^MizraMBaak... s|% 
Volkskas IntnL Ltd. L. 8i% 
:westpac Banking Cotp 84% 
Wbiteaway Laidlaw V% 
Williams -4k Giya's ... 84% 
Wlbtrust Secs. Ltd?-.;: 9 % 

Yorkshire. Bazik 84%. 

" ** /VceaptiR9 

: * ’ £-25%. Ifniomh 

moflUis £2.B0d 

9-^ £26.008.- 12 months 0.5%; - 
t ***"»* oh tinder 

S 500 ^^ 10 -* 0 up '*° CBo.axr- 

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g -2T-d*y deposits over £7,OQO. s^*. : 
S tiemend deposits: -5W&. ' - . . 

e - MongoM ba^B -rsta. •- 


Weekly net asset value 


on 19th March 1984/4j;s.9 105M * ?- 


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Financial Times Thursday-- March 22 1984 


INTL. COMPANIES & FINANCE 


Montefibre strides out on path 

charted for recovery 



BY ANTHONY MO RET ON, TEXTILES CORRESPONDENT 


"WE HAVE come to the end 
o J a long period of reconstruc- 
tion* It hoi been a- difficult 
time but it is beginning to pay 
off. 

"The proof is in the. balance 
sheet. ' In 1083 toe were trading 
evenly and I hope that by the 
end of this year toe shall be 
making a profit 

"It will not be a large one but 
we now have the - structure 
right for a sound future." ••• 

The speaker is Sig Giuseppe 
Tramontana, chief executive of 
Montefibre. the largest Italian 
fibre producer and a subsidiary 
of Uootedteon. The transform- 
ation he points to is all the 
more significant because Monte- 
fibre has made losses, some of 
them serious, since 1974. 

At one time, til 1979 and I960 
these losses threatened to en- 
gulf the company, and in an- 
other country the concern, might 
have been liquidated. Instead, 
it was placed in “controlled 
administration,” a form of re- 
ceivership. 

This breathing space allowed 
the group to draw up a recon- 
struction * plan, eventually 
accepted by the Italian Govern- 
ment, by which its capital was 
restructured and. a new indus- 
trial emphasis formulated. . It 
also led to severe criticism out- 
ride Italy that the Government 
was underpinning the company 
with heavy subsidies. 

Under this plan the holding 
of the parent, Montedison, was 
written down from UlSbn 
(about $70m) to L1.7bn and 
then the total was increased to 
L250bn through floating ofl a 48 
per cent stake in the company 
to a consortium of basics (which 
took a 33 per cent interest) and 
private investors. Montedison 
kept the rest, and so has a con- 
trolling Interest. 

A five-year plan was intro- 
duced to accompany this recon- 
struction which Sig Carlo Van- 
niwi, chairman, describes as the 
sipnoost for the future. 

“ We axe now wefl on the way 
to achieving the aims set out 
In the plan,” he says. “We 
made a loss in 1988 but it arose 
from the need to make provi- 
sion for displaced workers. We 
did not have to dip into our 
reserves, arid so we start 1984 
with all our capital in hand. 

“We also. entered 1984 with 
the industrial reconstruction 
completed, and althoug h it is 
early in the year we have made 
an encouraging start.” 

The reconstruction followed 


the pattern mapped out by the 
other European -fibre producers 
-over the -past ■ three or four 
years, and concentrates produc- 
tion on those fibres in which 
Montefibre has the greatest 
strength. 

Ten years ago, Montefibre 
produced acrylic; polyester, 
nylon and celluloric fibres as 
well as polypropylene, ft also 
had some 20 downstream textile 
activities selling to private com- 
panies. Now It is basically a 
producer of acrylic and 
polyester fibres. The down- 


50. 000 tonnes of acrylic In 1979, 
the company now turns out 

170.000 tonnes a year. 

The controversial decision, 
though, was to boost output of 
polyester filament at Acerra, 
outside Naples. 

The Italian textile industry 
has been severely criticised by 
the other European fibre pro- 
ducers for going ahead with 
Acerra at a time when demand 
for polyester in particular was 
Calling, over-capacity apparent, 
and prices on the floor. It was 
claimed that Acerra, which is 
now producing 90,000 tonnes a 



Sg Ghseppe Tramontana 


stream companies have been 
sold and polypropylene concen- 
trated is a joint vesture with 
Hlmont; the American concern. 
Celhilosic activity was closed at 
ChatiUon. in the Val d ’Aosta, 
near the Swiss border, and 
nylon phased out 

The group took a conscious 
decision that acrylics and poly- 
ester were the two fibres to 
concentrate on, and set in 
motion big reorganisation pro- 
grammes in the two. New 
Acrylic plant was Installed at 
Porto Marghera. outside Venice, 
and the Spanish plant was im- 
proved. 

This spending boosted acrylic 
production threefold, with the 
result that the company now 
accounts for some 20 per cent of 
European output of the fibre 
and, with Bayer and Courtaulds, 
is one of the big three on the 
continent. From an output of 


year, flew In the face of com- 
mercial logic and in the face 
of all the steps being taken 
under the aegis of the Euro- 
pean Commission in Brussels to 
rationalise the fibres industry 
throughout Europe. 

Sig Tramontana rebuts this 
allegation. “ The decision to 
build Acerra was accepted by 
Davignon (the European com- 
cissioner responsible for re- 
structuring the textile in- 
dustry) as early as 1978. We 
had. in any case, already spent 
a lot of money on the project 
by then and giving it up would 
have cost a lot more than might 
have bene gained by abandon- 
ing it. 

“ Most critics claim Acerra is 
addition^ capacity, but it is not 
It replaced a nearby plant when 
ft came on stream, and if you 
consider that we became im- 
porters of polyester in Italy 


when the old plant was closed, 
then it made sense to operate 
the new one. 

“Indeed, if Acerra had not 
been finished there could have 
been a shortage of polyester in 
Europe, since most European 
fibre producers, like ICI in 
England and Enka in Germany 
have been getting out of it 

“ The only big polyester pro- 
ducers left in Europe apart from 
us, and we have a quarter of 
the market, are Hoechst and Du 
Pont Without Acerra. Europe 
would have had to import from 
the UA or the Far East." 

The result of this rational- 
isation programme has been to 
reduce the workforce from a 
peak of 27,000 in 1977 to some 
8,000 today. 

Given this cut the new 
capital installed and belter 
trading conditions it is hardly 
surprising that productivity, 
according to Sig Tramontana, is 
now at the German level. It 
is this rise In productivity 
which holds hope for better 
financial results in the rest oi 
this year. 

Like the other fibre pro- 
ducers, Montefibre is now 
moving strongly along the path 
towards speciality fibres. Poly- 
ester, being ideally suited for 
mass production, has little 
added value and to get that 
added value it Is necessary to 
produce a fibre which looks and 
feels like something better — 
suede, for instance, or silk. 

In acrylics, 20 per cent of 
production is now accounted for 
by speciality fibres and Sig 
Tramontan “hopes to see this 
figure rise to 25 to 30 per cent” 
In polyester, the group is 
fortunate at Acerra to be linked 
with Japanese technology and 
Is turning out a fibre under the 
long-established name of Terltal, 
which is claimed to have pro- 
perties similar to silk. 

A year ago Montefibre bought 
Monsanto's acrylic fibre plants 
in Coleraine, Northern Ireland, 
and In West Germany, sub- 
sequently selling the latter to 
Bayer-Hoedhst 

The aim was not merely to 
strengthen itself in the acrylic 
field but also to gain entry 
into the important, and grow- 
ing. carpet market in northern 
Europe. Carnet production is 
not a strong feature of southern 
European output and Coleraine 
is a further step In a recovery 
programme that has been very 
clearly charted. 


>1' 


-Vi- 


- This advertisement complies -with the requirements of the Council ofThe Stock Exchange. 


A$40,000.000 

National Commercial Banking Corporation 

of Australia Limited 

( Incorporated with limited liability in the Stale of Victoria) 

National Australia Bank 

12%% Capital Notes due 1989 

The foSowing have agreed to subscribe or procure subscribers for the Notes: 

Credit Suisse First Boston limited Orion Royal Bank Limited 


Alg emene Bank N ed e rl a n d N.V. 

Banque Bruxelles Lambert S.A- 
Banque Indosnez Banque Paribas 

Continental Illinois limited 
Deutsche Bank Aktiengesellschaft 
Hambros Bank limited 
LTCB International Limited 
/Samuel Montagu & Co. Limi ted 
Nomura IntematicmalLimited 
Sodete Generale de Banque S.A. 


Bank of Tokyo International Limited 
Banque Generale du Luxembourg S-A. 
Baring Brothers & Co., Limited 
County Bank limited Credit Lyonnais 

Dresdner Bank Aktiengesellschaft 
Kredietbank N. V. 
Mitsubishi finance International Limited 
The NDdko Securities Co., (Europe) Ltd. 
Salomon Brothers International limited 
Swiss Bank Corporation International limited 


The issue price of the Notes is 100 percent of their prindpal amount The Notes hoc bam admitted to the Official 
List bytheCountil of The Stock Exchange, subject only to the issue of the temporary Global Note. 

Interest is payable annually in arrear on 12th April, the first payment being made on 12th April, 1985. 

Fun particulars of the Notes are available in the Brtel Statistical Sendee and may be obtained during usual business 
hours up to and including 5th April, 1984 from the brokers to the issue : 

Rowe & Pitman, 

City-Gate House, 

39-45 Finsbury Square, 

London EC2AUA 

22nd March, 1984 


Granville & Co. Limited 

Member of NAS DIM 

27/28 Lora Lane London EC 3 ft BEB Telephone 0I-Q1 1212 

Over-the-Counter Market 


1983-94 
High Low 

Company . 

Gross YMd 

Price Change div.(p) % 

P/e 

Fully 
Actual taxed 

142 

130 

Asa. Brti. Ind. Ofd. ... 

i» 

— 

6.4 

5.1 

7.3 

9J 

159 

117 

Aas. Brit. Ind. CULS... 

139 


10 0 

7.2 


— 

78 

62 

Alr*pntng Group ~... 

66 

- 1 

S.1 

9.2 

1BJ 

18.9 

38 

21 

Arm itn on & Rhodes ... 

29 

— 


— 

— 

— 

322 

141*2 flordon Hill 

322 

— 

72 

2.2 

13.1 

26.7 

58 

53 

Bray Tech nolog in ...» 

58 


2.7 

4.7 

10^ 

11.4 

200 

197 

CCL Ordinary 

200 

— — 

BO 

2.5 

4.5 

fi.3 

152 

121 

CCL llpc Conw. Prof. 

152 

— 

15.7 

10J 

— 

— 

470 

100 

Carborundum Abrasives 

420 

+ 1B 

5.7 

1.4 


— 

249 

100 

Cindico Group 

103 

— 

17.6 

17.0 

— 

— 

63 

45 

Deborah Services ...... 

62 


6-0 

9.7 

33 Jt 

53.9 

309 

75 

Frank Horse! 1 

209 

+ 1 


— 

8-B 

14.4 

198 


195 

'+ 1 

8.7 

4.5 

8.2 

13.4 

09 

2B 

Frederick Parker 

29 

— 

43 

14A 


— 

39 

32 

George Blair 

35 

— 

MW 

— 

w— 

— 

B0 

46 

Ind. Precision Callings 

48xd 

— 

7J 

15J 

13J 

16-5 

360 

134 

ina Conv. Prof 

360 

— 

17.1 

4.8 


— 

121 

61 

Jackson Group ......... 

118 

— 

4.5 

xa 

B-2 

12.1 

246 

169 

James Bur rough 

246 

+ 1 

11^4 

4.5 

13.6 

14J) 

362 

275 

Minihouae Holding NV 

382 

+ 10 

4.0 

i.i 

Z70. 

33.2 

17B 

IDS 


108 

MW 

20.0 

18.8 

12J 

8.3 

74 

50 

Swimon, A “ 

S3 

_ 

6.7 

9.7 

9.B 

7.1 

120 

62 

Torday & Carlisle 

62 

— 

2.9 

4.7 

— 

— 

444 

385 

Trevian Holdings 

435 

— 

— 

— 

8.9 

8.1 

26 

17 

Unllock Holdings ...... 

IS 


10 

5-5 

11^ 


93. 

65 


84xd 

— 

6.8 

8.1 

7.4 

9.8 

276 

236 

W. S. Yaatas 

240 

— 

17.1 

7.1 

3.7 

7.7 



US. $200,000,000 

Bankers Trust Overseas Finance 

Incorporated in the Netherlands Antilles 

Guaranteed Floating Rate 
Subordinated Notes Due 1994 
For the three months 
22 March. 1984 to 22 June, 1984 
the Notes will carry an interest rate of 10% per cent, 
per annum and interest payable on the relevant 
interest payment date 22 June, 1984 against 
Coupon No.7 will be U.S.S 27-79 per U.S.8 1.000 note 
and U.S.S 277 -92 per U.S.S 10,000 note. 

By Morgan Guaranty Trust Company of New York, London 
Agent Bank 


Public Works Loan Board rates 

Effective March 21 
Quota loans repaid 


Non-quota loans A» repaid 


Vaara by ElPt 

Up to 3 9i 

Over 3, up to 4 19 

Over 4, up to 5 101 

Over S, up to 6 10* 


Over 6, up to t 
Over 7, up to 8 ... 
Over 8, up to 9 ... 
Over 9, up to 10 
Over if, up to 15 
Over 15. up to 25 
Over 25 


10 } 

10 * 

10 * 

10* 

11 

10 } 

10 } 


A* 

at 

maturity 5 

byElPt 

A* 

at 

maturity! 

H 

10 } 

lit 

11 } 

11 * 

10 

10 * 

11 } 

11 } 

11 * 

10 * 

10 * 

Ui 

lit 

U* 

10 } 

10 } 

11 } 

11 } 

11 } 

10 } 

10 } 

11 } 

11 * 

U| 

m 

11 

11 * 

Ui 

UI 

M| 

11 

1 U 

11 * 

111 

10 } 

10 } 

11 } 

Hi 

ui 

10 } 

10 } 

U* 

11 } 

U* 

10 * 

101 

Ui 

11 

10 * 

10 * 

10 } 

10 } 

10 } 

10 } 


* Non-quota ina n g B are 1 per cent higher in each case than 
non-quota loans A. t Equal instalments of principal- t Repayment 
by half-yearly annuity (fired equal half-yearly payments to include 
principal and interest), i With half-yearly payments of interest only. 


We are pleased to announce that 

Michiya Matsukawa 

has been appointed 
Chairman of the Board 
of 

Nikko International Capital 
Management Co., Ltd. 




U.S. $500,000,000 

Kingdom of Sweden 

Floating Rate Notes Due 2024 

Zn accordance with the provisions of the Notes, notice 
is hereby given that for the six month Interest Period 
from 22nd March, 1984 to 24th September, 1984 the 
Notes will carry an Interest Rate of 111% per annum 
and the Coupon Amount per U.S.S10.000 will be 
U.S.3574.79. 

Merrill Lynch International Bank Limited 

Agent Bank . 


VONTOBEL EUROBONDINDIZES 

WEIGHTED AVERAGE YIELDS 
PER 21 MARCH 1984 


Today 

USS Eurobonds 12-27 

DM (Foreign Bond lasuss) 7.20 
HLF (Bearer Nfows) 7.74 

Cans Eurobonds 13.59 


INDEX 
La si week 

12.32 

7.21 

7.75 

13.48 


% 

Year's 

High 

12.32 

7.48 

8.11 

13.59 


Year's 

Low 

11.52 

7.14 

7.74 

12.61 


Bank J. Vantabel ft Co Ltd. Zurich - Tel: 010411 488 7111 


*v; •. •• w. ; . ■ to j :vW • vj-r.y.*-'"- ~- 

V. -I - „ . .1 ,■■ ■ 

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: - if- 


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w ARM RANKIN 

■ ^§j 

• . li: '. * . •]£." * 



Consolidated Balance Sheet 

31Deceniberl983 

Assets 

Cash and bank balances 
Marketable securities 

Deposits with banks and financial institutions 
Loans and advances 
Interest receivable 
Investments 
Other assets 
Total assets 

Deposits from customers 
Deposits from banks and financial institutions 
Bonds issued 
Interestpayable 
Proposed dividend 
Other liabilities 
Total lia bilities 

Shareholders Equity 

Share capital 

Reserves 

Retained earnings 
Total shareholders equity 
Total liabilities and shareholders equity 


fr t,.s . 

.% . *!■/:.■ * : • - HI?..:. 
'• ■ — 

1983 

US$(000) 

14,713 

420,447 

4,741,715 

3357,736 

162,982 

23,755 

40319 

8,761,667 


822328 

6,617,017 

36392 

128380 

45,000 

83,644 

7,733-661 

750,000 

266,077 

11,929 

1,028,006 

8,761367 


-.-nwW.. "ft. 

1982 

US$(000) 

4,907 

355,840 

4,747,027 

2,558,499 

170,573 

18,767 

36,002 

7,891-615 

723,122 

5,983,348 

112,489 

37,500 

69.504 

6,925,963 

750,000 

200,341 

15,311 

965.652 

7,891.615 


At the Ordinary Shareholders General Meeting held onMarchl5, 1984, the 
Shareholders ofArabBankingCorpoiatlon (BJ5.C.) ratified the audited Financial 
Statements of the Corporation ending December 31,1983 and approved the 
appr o p riation of net profits as proposed by the Board ofDirectors as follows: 


Profit for the year 

Burning s brought forward 

Available forappropriatfcm 
Ap p ropriations 


1983 
US$(000) 

107354 

15311 

122,665 


1982 
USS (000) 

114,617 

24,682 

159,299 


Statutory reserve 

10,736 

11,488 

General reserve 

25,000 

25,000 

Extraordinary financial reserve 

30,000 

50,000 

Proposed dividend 

45,000 

37,500 


110,736 


123,988 


Retained Earnings carried forward 


11,929 


Arab R anking Corporation (ABC) 

Head Office: P.O.Box 5698. Alia BuOding, Diplomatic Area, Manama, Bahrain. 
Telephone 232235.Telexj 9432ABCBAHBN. 

Branches and subsidiaries In New York, London, Singapore, Milan, Grand Cayman, 
Frankiunand Monie Carlo. 




'it - 

J*. 





UK COMPANY NEWS 


Financial limes Thursday • - • yr 


”_' "' -V ■ r _" 


Further recovery by Turner & NewaB 


A SHARP reduction in both 
exceptional and net financing 
charges together with better 
margins baa resulted in Turner 
& Newall showing a £3L8m turn- 
round to the black with profits 
Of £12L5m for 1983. 

Vigorous cost cutting, dis- 
posal of a number of loss makers 
and stronger pricing policies by 
this industrial conglomerate 
were behind a rise in group 
trading profits from £lL7m to 
£23m on turnover some £1 32,9m. 
lower at £488£m. 

Exceptional charges were re- 
duced to £100,000, compared with 
£7.7 m previously, which included 
a sufficient provision to cover 
redundancy mid severance costs 
In 1983. 

Net financing charges were 
cut to £11. 4m, against £24J2m; 
not borrowings were decreased 
by over SO per cent during the 
year from £139 .3m to £50. 7m. 

F allowing a return to profits 
in the first half, the group made 
further progress in the second 
six months and achieved a profit 
of £7.6m compared with a £14. 8m 
loss for the comparable period. 

This progress is expected to 
continue with the board, headed 
by Sir Francis Tombs, the chair- 
man. expecting profits of at least 
£18. 75m for 1984. 

Sir Francis says that much of 
the current year’s improvement 
will again come from UK com- 
panies which achieved profits of 
£10. 7m in 1983 against a £600.000 
loss previously. 

However, Asbestos litigation 
continues to burden the group 
with £7.6m (£6. 4m) set against 
1983 profits. Measures have been 
taken to reduce legal costs in 
the U.S. 

Tax for the year was lower at 


After a brief look at the equity market where the FT 
30Share Index passed the 900 milestone, the Lex column 
considers the current progress of the Governments competition 
policy in the light of yesterday's announcement that GEN'S 
bid for AE is blocked. Turner and Newall's full-year figures, 
showing a substantial recovery, vindicated the market’s confi- 
dence in the group under its new chairman . Finally Lex looks 
at the full-year results from BICC which failed to convince 
the market and the shares fell sharply as brokers tried to 
decide whether to rate the company as a building or elec- 
tronics group. Elsewhere Home Charm's £lim convertible 
rights Issue met with a more enthusiastic response than even 
the most optimistic might have hoped for, the price dosed 
18p up at 173p. 


fgfl m (£10JJin) and, together 
with an extraordinary credit of 


with an extraordinary credit of 
£ 3 9m (debit £40 .6m) resulted In 
an attributable surplus of £8.5m 
compared wkh the £71 -8m deficit 
incurred in 1989— minorities 
accounted for £900,000 (£L.7m). 

After an. absence of two years 
the fin»l dividend is being 
restored with a 0.75p payment 
making a full year’s total of in. 
against last year's single interim 
dividend of 0.25p. Earnings per 
share were 4£9p (loss 28.77p). 

Commenting on the year. Sir 
Francis says that all geographic 
regions made operating profits. 
In the UK, destocking slowed 
down during the second half, and 
as a result increased profits 


began to emerge, helped by man- 
power reductions and other cost 
savings. 

He adds that " particularly 
strong ” performances were 
achieved by Ferodo and BEP, and 
most UK companies are now 
operating profitably. Also, he 
paints out that the restructuring 


of Coopers Filters, Payee, and 
TAC has been completed success- 
fully. Numbers employed were 
reduced from 12J80 to 9.430 in 
1983. 

In the U.S., he says Nntum’s 
performance was “very strong” 
and capacity for clutch facings 
is being extended. A two-month 
strike at Flexltallic reduced pro- 
fits in the first half, but Its sub- 
sequent performance was good, 
he adds. 

Overall, profits from the UJS, 
were slightly more than doubled 
to £3.1m (£L5m) on a £8m rise 
in turnover to £36m. 

Looking at the European re- 
sults, he says that In France 
some progress was made in re- 
ducing losses in Curty, but, be 
stresses, “much remains to be 
done." The Payen companies in 
Spain and Italy moved into profit, 
and Ferodo Italiana's profits 
advanced strongly. Profits from 
European operations were 
£300.000 higher at £L3m. 

In India, Hind ustan Ferodo 


raised a convertible debenture 
stock to provide funds for ex- 
pansion and diversification- Con- 
version in 1984 will reduce 
Turner’s holding from 74 per 
cent to 60 per cent At Asbestos 
Cement, now called Everest 
Building Products, a placing of 
shares reduced the companies 
holding to 49.5 per cent 

In both companies tbs 1 
economic situation resulted in 
profit levels lower than expected 
with the overall Indian and 
Pacific result for 1983 showing 
unchanged profits of £2.9m. 

A fall in African profits from 
£l7.6xn to £13.4m was experienced 
during the year with continued 
difficult trading conditions in ( 
Nigeria. No dividends have been , 
received from this country since 
1980, and currency permits for 
imported raw materials and 
spare parts remain difficult to 
obtain. 

The mine at Havelock. Swazi- 
land, continued to operate satis- 
factorily and increased its pro- 
fit Zambian operations bad an- 
other good year and while no 
dividends have been received 


Hepworth 

Ceramic 


boosted in 


second half 


since 1978 the Zambian govern- 
ment has indicated its desires 
to reduce the arrears. 

Turner’s manufacturing com- 
panies in Zimbabwe achieved a 
satisfactory result in difficult cir- 
cumstances. At the asbestos 
mines considerable progress was 
made in reducing manning levels 
and stocks, and a small profit was 
made. 

The economic downturn in 
South Africa combined with the 
drought produced difficult con- 
ditions and lower profit. Two 
projects were successfully com- 
missioned sad wiU contribute to 
operating profits In 1984. 

See Lex 


Australian side hits Bestobell 


PROFITS AT Bestobell, the in- 
ternational component engineer- 
ing group, have been slashed by 

provisions for £2. 62m excep- 
tional losses on two power 
station contracts in Australia. 

The group announced a fall 
in pre-tax profits from £8.71m 
to £5. 13m for the 1983 year. 

The exceptional losses are in 
respect of insulation contracts at 
power station construction pro- 
jects at Tarane. in Queensland, 
and at Loy Yang, in Victoria. 
Bestobell admits that it ran into 
problems with the work that it 
did not foresee. 

Mr Donald Spencer, the chief 
executive, said: “In retrospect 
one has to say that the estimates 
were too low.” 

Since the problems were dis- 
covered late last year the group 
has made changes in the man- 
agement of its Australian sub- 
sidiary. 

Bestobell is also pursuing 
cl aims against the main contrac- 
tor at Tarong where it says “ 90 
per cent” of the losses arose. 
The provisions made cover both 
losses- already incurred -and an- 
ticipated losses on future work 
until completion in 1986. No 
allowance is made for the fruits 
of any possible legal action. 


However, the replacement of 
Mr David Stark as managing dir- 
ector of BestobeH Australia by 
Mr John Burnt, who took over 
in January, had been planned in 
advance and was not related to 
the problem contracts, Bestobell 

The directors say the contract- 
ing loss does not affect the basic 
financial strength of the group 
nor does it reduce their con- 
fidence in its future progress. 

Mr A. B. Marshall, group chair- 
man, says the results reflect 
severe recessionary conditions in 
Australia and Southern Africa 
offset by improvements in North 
America and stable returns from 
the European operations. 

Earnings for 19S3 slipped by 
2.7p to 22-2p per 25p share on a 
net basis but a same-again final 
dividend bolds the total payment 
at 13.%) net 

Turnover moved ahead from 
£130.3 lm to £1 37.26m on which 
trading profits declined by 
£0.79m to £9.54m — Bestobell is 
an international group 
specialising in component tech- 
nologies. 

Interest charges accounted for 
£L79m (£L02m) and tax. in- 
cluding £L2m credit for an ex- 
ceptional item, took £L6m 


(£4. 37m). 

Minorities added £89,000 (took 
£317,000) and extraordinary costs 
rose from £585,000 to £2.61m 

A divisional analysis of group 
turnover and trading profits 
shows: controls and instrumenta- 
tion £29.88m (£26. 38m) and 

£3. 33m (£3 -25m). aviation and 
seals £22.06m (£l9.94m) and 

£2.46m (£1.65m), energy 

engineering £2 1.12m (£23. 71m) 
and £26.000 (£496,000), Australia 
excluding exceptional loss 
£50 ,18m (£44. 72m) and £2-26m 
(£2. 62m) and Africa £17.42m 
(£l9.11m) and £L46m (£2-32m)- 
Intermnit sales totalled £3.39m 
(£3.54m). 

Sales and trading profits by 
territory show: UK £44. 57m 
(£45i)2m) and £-L31m (£4.44m). 
Europe £7 .38m (£&68m) and 
£487,000 (£472,000), North 

America £17.7lm (£14. 79m) and 
£1.03m (£477,000). Australia and 
New Zeqjland excluding excep- 
tional loss £43.03m (£38. 01m) 
and £L54m (£L94m), SJE. Asia 
£7.15m (£8. 71m) and £725.000 
(£682;000) l South Africa £9.68m 
(£10. 09m) and £341,000 
(£714,000) and Central Africa 
£7.74m (£9.02m) and £L12m 
(£L6m). 


• comment 

The exceptional loss came as the 
sting in the tail of what was 
already a difficult year for 
BestobelL The cost of a wide- 
spread disposal and rationalisa- 
tion programme, set at £L3m at 
the half-year, was finally pot at 
£2. 6m and more can be expected 
in 1964. Trading conditions In 
Africa, hit by recession and 
drought, and in Australia were 
not easy: and the energy 
engineering division made a loss 
In the second half- Bestobell is 
fi ghting to get on top of its prob- 
lems: there was an upswing late 
in the year in control and 
instrumentation which is ex- 
pected to continue through 1984; 
big order could be cm the way , 
for aviation and seals as recovery 1 
moves slowly through the air- 
craft industry. In both these 
areas, Bestobell is looking to ex- 
pand with acquisitions. BTR’s 
unchanged holding of 24 per cent 
will continue to buoy the share 
price in expectation of possible 
takeover bias though nothing' is 
expected in the near future. The 
shares fell 19p to 344p yesterday 
where the historic actual tax p/e 
Is 15 and the yield 5.7 per cent 


SECOND HALF pre-tax profits 
of £18.47m, against have 

lifted Hepworth Ceramic Hold- 
ings to a taxable suplus of 
£33 52m for 1983, compared with 
a previous £24-81m. Turnover 
expanded by £39B3m -to 
£338.63m. 

The directors say the profit 
increase was based partly on an 
upturn in business, and a sub- 
stantial rise in UK private bouse 
building, but mainly out of 
introducing modem and highly 
automated production tech- 
niques. 

They add there is still more 

benefit to come from these tech- 
niques and they expect this 
improvement to accelerate 
through tiie year. 

Costs and overheads amou nted 
to £302.73m. against {271.18m, 
leaving operating profits of 
£35 -9m f£27.63m). 

The dividend is stepped up 
from 5.6p to &3p net per 2Sp 
share with a final payment of 
3.8p. Earnings per share were 
1249P (9-84p). 

A breakdown of the pre-tax 
surplus for the year was: build- 
ing and construction materials 
£23 .89m (£18 .25m); refractories 
£S.41m (£L91m); industrial 

gand^ minerals and resins 
£8. 13m (£6B4m); engineering 

and miscellaneous £2Q3fl00 
(£154,000). 

Pre-tax figure included asso- 
ciate’s share . of £254,000 i 
(£474,000), but was after interest I 
of £2. 13m (£2JS5m). Tax took 
£14.01m (£9.13m) and there 

were extraordinary debits, much 
lower at £3m (£i9.81m), which 
included £330,000 abortive 
acquisition costs; the Monopolies 
Commission refused the com- 
pany’s proposed merger with 
Steetley in February. 

On a current cost basis the 
pre-tax profit is reduced to 
£24.8m (0.4.6m). - 


comment 


it would not be surprising to see 
them looking abroad, perhaps to 



the U.S., where Hepworth's sub- 
sidiaries have turned a £2.3m 
loss into a small profit. The 
shares rose 8p to 168p, where the 
multiple on stated earnings is 
12.7 and the yield, 5.4 per cent 


BICC 


The Chairman, The Lord Pennock, comments 


Jones & Shipman 


Although performance in 1983 was lower than the previous 
year, a substantial improvement was achieved in the second 
half. We will continue to benefit from the increase in economic 


1983 

Results 


activity in the industrialised nations but the rate of improvement 
will depend on the extent of the recovery in our most important 
markets especially overseas. 


historic cost basis 


1983 

£m 


1982 

£m 


Turnover 


1901.6 1799.1 


Joses and Shipman, machine 
tool manufacturer, reduced its 
pre-tax losses from -£lm to 
! £747,000 over the 1983 year. The 
loss in the second six months, 
at £104,000, was considerably 
less than the sequence of increas- 
ing half-yearly losses of £497,000, 
£503,000 and £643,000 suffered in 
tbe 18 months to the end of < 
June 1983. 

The reversal of this trend was 
a result of increased demand for 
most group products and lower 
operational costs. The increase in 
order Intake has continued and, 
if sustained, should lead to more 
acceptable operating results in 
the current year. 

Excess stocks of finished pro- 
ducts have been eliminated, 
normal time is being worked 
throughout and the group's 
position Is adequate. 

Loss per 25p share rose to 6.3p 
(4Jp) following an adverse tax 
swing but the dividend for the 
year is marginally higher at lp 
(OJ-p) net 


Operating profit 
Net interest payable 


94.9 112.1 


John L Jacobs 


12.9 


13.5 


Profit before taxation 
Taxation 


82.0 

36.3 


98.6 

44.1 


The final ordinary efividend of 7.04p per 
share (1982:7.04p per share) will, if 
approved, be paid to ordinary 
shareholders registered in the books of 
the Company on 1 June 19 84. 
Warrants will be posted on 29 June 
1984, payable 2 July 1984. 


Profit after taxation 
Minority interests 

Attributable profit 


45.7 

11.8 


54.5 

14.4 


The results are based on the full 
accounts of BICC Group for 1983 on 
which the auditors gave an unqualified 
report Those accounts have not yet 
been filed with the Registrar of 
Companies. 


33.9 


40.1 


The complete press release is 
available from the Secretary, BICC pic, 
P.O. Box No. 5, 21 Bloomsbury Street 
London WC1B3QN. 


Earnings per share 
Dividends per share 


P 

17.8 


P 

21.1 


The 1983 annual report will be posted 
to share and loan stock holders on 
18 April 1984. 


10.54 10.54 


Pre-tax profits at John L 
Jacobs, shipbrokor, fell from ■ 
£L38m to £919,407 m 1983. Turn- 
over was lower at £965,426 com- 
pared with £L23m, and the cost l 
of sales was down from £859,073 
to £826,347. As a result, gross 
profits emerged at £139,079 
against £373,189. 

The pre-tax figure was after 
administration expenses of 
£611,397 (£506,316); other operat- 
ing income, £L01m (£861£52); 
income from shares in related 
companies. £487,368 (£690,499), 
and interest payable. £104£40 
(£43.033). 

There was a lower tax charge 
of £317,507 (£560.185), and there 
' was an extraordinary credit this 
: time of £L99m. resulting in 
attributable profits of £2 .59m 
(£815,706). 

The final dividend Is 
u n changed at l-9p for a total up 
from 2.6p to 2.9p. Dividends 
absorb £637,285 (£568.165) and 
this includes a director’s waiver 
of £30,875 (same). 

Fjmimgs per 20p stock unit 
were down from 3J54p to 2.61p. 


The results exclude extraordinary losses of£t0.2m (1982: £S.1m). 


The annual general meeting will be 
held in the Methven Room, Centre 
Point, 103 New Oxford Street, London 
WC1AfOU,on17May1984at12noon. 


Publishing 



| Shareholders In Publishing 
| Holdings are to get a two-for- 
five bonus issue to help compen- 
i sate for the company's losses 
I and failure to meet its profits 
i forecast 


CABLES, ELECTRICAL AND ELECTRONIC COMPONENTS 
CIVIL, ELECTRICAL AND MECHANICAL ENGINEERING 


BICC 


LADBROKE INDEX 

Based on FT Index 
899-903 (+6) 

Tel: 01-493 5261 









m 


improves 




first half 


.... 1 - 

• i..-— -. 

an •- v-r 


-'vl ’-'- ~ *Su ■ ..rv - 

TURNOVER -Tplume-iand 
'margtbfr al-Smtir wer-tite-op®. ' 
fag six' months imprtwiiedatieaday-:. 
and JKr&Tean gfaug’* 

chairman,' -believes v tfce trefaks 
far-, tire ftdl/^ear;wW4iuHr . * 
.mffjstaurfel. jncre&8d^fi?u: th^ pre- 
vtdus yeac. . ■' >> 


Lord Pennock, chairmurof BICC. 


Hugh ffovutdge 


BICC pro 
£ 16 . 6 m to 


WITH virtually aR of the down- The eft 
torn conning in the first six early, in 
mouths, pre-tax profits of BICC, encounter 
cable and wire maker, mechani- tarn in 
cal and electrical e n gi neer. Directors 
ended 1983 at £82m, compared and wer 
with a previous advantage 

Halftime profits were £35m, able trad . 

£50m, but the directors second half, 
looked for. an Improvement in In Ansi 


. .: Interim vp*estn^ 3 tMng, 3 to : - 
•man of BICC. . . v: January!^ riwetiy'^T-per. cent 

• fa ttSht? . 

• a 1 interim . . -. dividend v 4 s 1 - being 

IT C nnwn . effectively Jilted from OSaSxto • 
iL^ UUffUr jjppj* per 25 pxhw|^^;: 

• ’ .Ji Sow ' 

kX / 1 YI . . *■ And - Augostf . the ' maritetr i^ • 

wUnfUI . Btreftgthtmed ' and ■ 

r- meat towards higher- priced.and-. . 

Tbe points out that, yarns has^faeu^npted.^ ^ - 

early, in 1983 eable maktng > 

exi countered, a woridwide^down- aecond-h^rSi^ 

torn in . economic ac tivity.- expected, the rfeafiMaa 

Directors acted to contain costa 
and were -to able tP- f ttke : 

ab!e trading conditions .-to .. .tiie 


conn nun. • J - 

looked for. an improvement -in In A ustralia, tha^group n 
the second half. In the event they factoring ~m& , WhoTesalir^-ajm- .1 .: : : 


amounted to £47m (£48.6m). pantos achieved . - aeamd^hfdf -- 

Lord Penock, e bpiwnan, says profits almost". double.. .tfaose^<ff» fau>rqvA : 

that av^STthe improvement the first. However^ fa* Sovtii 
experienced fa the latter part Africa amt C 

of the year is expected to coo- dittoes were difficult und he-eays growth fa mOst araa&. ^ 
tfaufi into 1984, “but the going the group has yet-to seg^any: 


^0 


Despite the profit fall. for the Die .; elertronic _?-«gnpopqnt» SjTJgSvv >fcr'-" 

12 months, directors are mam- companies in: the^U^ t ouk cvgsm (£L35mV ’.end 
tainlng the total dividend at advantege^of a M Ptnrn ip 

1034p net with a aame-again final dmmmd mid T^stered 

payment of 7.04p. order Jeveto, while % theJ2K.the - 

Turnover advanced frem electrical ■ and, . 

SIJSbn to £L9ba far the period P^ntsjJbusnu^^bwtofl^ - 

and operating profits were frmn stnmg^- £^^00^(£2»^0fa.; : .^>:v^.y:; r 

£919m. compared with £1 12 . 1m . totter half. • r ' 

A breakdown of both turnover The group enters. 1984 lira M' W"'""!*.. fffj 1 ., 

and pre-tax profits shows: Bat. strong financial position," the Long bgfbre -knitting rfetarnedto 
four Beatiy £680.9m (£587.4m) chairman states. However. toe hi^t faihion apd fae^receiit 
and £22.4m (£17m): BICC cables rate of improvement; te adds, Twofa in home knitfaig . fiot- 
£465Jm (£467Bm) and £13.9m wffl depend heavlli^ . nnderw%r.,;BlriUr !:fau -hutiefag. 

(£Z6Bm); BICG industrial pro- economic recovery In the eroup-S ffie trend Md mrahie Itt steady - 
darts £176. 9m (£i72£m) and most Important markets andvln profit" tncreaseS- T^owvfttt^lian . 
£5.7m (£7.6m); BICC fate^ faiticuto ouTi^im a^tittons sailing adding a CTUpte of poittts 

uauunal ttSMm (£609.6m) and- tn CanaflAand .-torpre^SSftt marj^bai: 'cwliicfr 
£45fim (£64Jan); less trading be- . After fax, ,£36-Sm. _(£44Jm), were 24 percent ktihe yexrend; 
tween group companies £4L8m 1 fa a 9 ri£ nnd preSw^ adding ' to tfta"cteih p{to wh/eft is 
(£37 9m); corporate losses -£59m enre divid ends QtBnu(£l4.4a) t expected ' xdach ; amnethtag 
(£69m>. . and extraordinary .deblte, 1109m dose to the expected nrodix* 

Lord Pennock says that (£6.1m), the uteStmteMe ^figure profits- for lhe ytekr- bf 'around 
Balfour Beatiy bad another -out- • £9-75m-uprfnmi-£7Jtett^(&pital 

standing year with pretox profits Ordinary divideh ds wil l absorb expexidlturfe' \vrfli probably *be ’ 
np by 32 per cent Deqrfte the £20Jm (same) Jxfgher.ihan last year's £3m “as - _ 

difficulties fa the overseas, con- - Cfl3.9n0j^j fan .hew, factory - ziears . cpmplo-- 

(rfm^rinn market. Balfour - share were 173p f27~lpT befote .Hon -. 'krthoine with'- ff- : nm 


the total dividend at advantage, of a 

l(L54p net with a same-again final demand -. and n „ — 

payment of 7.04P- order/erels, while fa thej 

Turnover advanced from dectncal ; ^ahd; . electron^ 


yo 4 p m , compared with fll2.1m. 1 latter h a lf . - : 

A breakdown of both turnover -The gpwip en 
and pre-tax profits shows: Bat. strong financial 
four Beatty £680.9m (£587. 4m) c hai rm a n states. 


recent 


Hepworth is making proud 
noises about the cost reductions 
permitted by Its three roller 
kilns — shortly to be joined by 
another two-^which lay behind 
the 31 per cent rise fa building 
materials’ profits; also helped by 
a buoyancy of private house- 
building. fa fact refractories 
produced .the biggest profits 
increase, although its 78 per cent 
advance cam e after one of the 
division's worst - ever years. 
Meanwhile, the group Is con- 
tinuing to trim staff all round, 
and pouring money into more 
advanced plant, with capital 
spending likely to reach £25m 
nih year, against in these 

figures. Against this back- 
ground, volumes rose by perhaps 
10 per cent, underlining the 
maturity of Hepworth’s markets. 
■After the Steetley battle, the 
directors scope for gaining 
volumes through acquisition in 
the UK looks rather limited. So 


<£269m): BICG industrial pro- economic recovery 
darts £1789m (£l729m) and most important nu 
£5.7m (£7.6m); BICC Inter- particular ou tradi 

uauuoa 1 ttsojm (£609. 6m) and m Canada and Jkn 
£45fim (£64Jm); less trading be- ; After fax, ,£36^ 
tween group companies £4LBm minority interests 
(£37 Pm); corporate losses £5Am ence divid ends fll 
(£A9m>. and extraordinary ( 

Lord Pennodt 'says that (£6.1m), the atrit 
Balfour Beatty bad another -out- ' came through, at £3 


/steady 
s^iplafa . 


difficulties fa the overseas con- ' (£L 
structlon market, Balfour shai 
enters 1984 with a strong order the 
position. 


wire TTSp' 


Armstrong back in the 
black midway with £li 


*te»ra tton bringing ^th'- ft 5 ; new', 
efficiencies . and. extra, capacity. 
Srdartifibagrft pried has .doine a 
« Kmg .way over .the-Iast year: and 
budded'* ftirti»er ^'yesterday to 
' ■%".;■ :<3ose'^jatr ; 152p. - Sharefaolders 
; ■--= V shouid wrt an fcxtra lp to XSp 
';• ■• net dividend at the end ■ of the 
- -year -which gfves a. prospective 
li'iA* yield otSJS. per centi -■ . v - 



Armstrong Equipment, engin- 
eering company based on north 
Humberside, achieved- a £2^9m 
turnrotmd to pre-tax profits of 
£ 1.06m for . tiie half year ended: 
December 31 1983 and tiie com- 
pany Is returning to the interim 
dividend list with 0.2p. 

Last year a final of 0-lp was 
paid and losses totalled fl.lm. 

Hr J. Harry Hooper, chairma n , 
says that during the six months 
there was a marked improvement 
in volumes within the automo- 
tive divisio n, an d a slower but 
improving turnover trend fa 
other areas. 

All divisions are now in profit 
and on an increasing trend, tbe 
chairman says, and it is antici- 
pated that there will be further, 
improvements in the second half. 
“The first two months trading 
confirm this view.” 

External sales moved ahead 
from £5 193m to £5698m for the 
half year, and trading profits of 
£2 ,69m (£750,000) were subject 
to interest charges of £l-63m 
(£L98m). 

Tax took £439,000 (£358.000) 
and there were extraordinary 


credits of £618,000 <£L92m 

.debits). . . ' 4 ■«" r - ! S;:: r v 


• co 


Yesterday’s fajar-weather results 
from Armstrong fits in wkb the 
story- brtng told^eisowhoro fa<tite ; 
c» components sector: that iha 
demand cycle ..':,&s. . pointing 
upwards again ' — - and otafairiy 
steep pitch this time. . The sharp 
jump fa car sales has lifted the i 
demand for . components by ; ) 
around 20 per cent and this can 
ofay point to recovery if.-tt sus- 
.fains itself. For Armstrong, the- 
most I mport a nt feature of the 
somewhat bullish , state me n t .is. 
that all dhrisionh are now trading 
profitably, news that nukes the 
traumas of the past, two yens 
seem worthwhile. • - With - the, 

rationalisation out of the way, 
the company can now torn Its 
attentions to improving m a r g ins . 
Much of its confidence 'is based 
on the -fact that . ft- virtually 
dominates tiie UK market far 
suspension equipment. . About 
£2 .2m looks posable for the year 
which- puts the 36p shares on -a. 
prospective p/e of almost 15- . 


t Yearifag-:^ *6n4af y. totalling 
[OJS.m -at 9ft: ■per cent; redeem- 
able ra Mareh* *7 *1985, have 
been.' - issued- this’ .week, by the 
-ffalowfau locat aathor+tieK., z 
-^Ashftuti District Council £lm; 

Berwick-upon-Tweed £0^5m; 
Blackburn - £0-5 m; Middlesbrough 
fi O finu ; .' Wokingham . £0.7Sm; 
Gateshead . (Borough Council) 
Hk5m; High Peak (Borough of) 
£0^5 mr ' Kettering : Borough 
Council ' -Macrtesfield 

ton ’fiOA^Bfounstow- ’ 

Borough of) £liur Thames Valley - 
Pcdice Authority .West 

-YoxXshtre Metropolitan; County 


Council; £0.75m,- . Hereford City 
Council £0J5mi Kensington mid 
Chelsea (Royal 'Horough of) 
£L25mi WltTal (Metropolitan 

Borough of) £l.faa;:Ctasnuigham 
£lm; Sunderland (Borough of) 
flmj Vale Royal £0JSm;- Wigan 
(Metropolitan ^ Borough of £1 tt». 
Rushcliffe £0.5m at - 9f due 
September IS 1985.- ' . 


Britannic 


PUBLIC LIMITED COMPANY 


Life Branches 

Total Premxum Income 
Total Suij^fbrPoticybolders 

General Branch 


19GJ 

£000 


112,910, 103^79 i 


Total Piemhmi Income 

Underwriting (Loss) 

Investment Income 
Profit (Loss) after Tax 

Transfer to (£rom) Claims EqnaUsatkmPescTve 

Profit and Loss Account 


14,785 

M 12 


.13.(573 



1,752. 

(367) 

v(200jf 


Transfer fixxn life branches 

Transfer (to) from general branch 

Total Sntplns (far tbe year, inftlndtffg nft tBCTiBft 

Net Dividend for the year for stbddfoldenr 


'3,855 : 

: iim 

;3'8i« 

izssp 


H 


BONUS DECLARATION FOR POLICYHOLDERS 


^iOSGSA 

You 


Ordinary Branch 
Reversionary Bonuses : 

Ordinary Policies . Annuities 


1 IndustrialBrandi 


Bonuses 


£5.50% 
(1982 £5.35%) 
cf sum assured 


£6.65% 
{1982 £6.40%) 
.. of annuity - 


£430% 


of sum i 


PLUS .. 
increased scale 
of terminal bonuses 


'V'--.-'-'.. ; fLUSv : vV.^>. ; : 

special reversionary bonus ^ 
. ' and increased scale - 
of terminal bonuses ' - 


Britannic Assurance Cavers tha Courii^ 












[ > 4 - 








Financial Times Thursday March 22 1984 


H 


UK COMPANY NEWS 



as* 

f. 

.Nl 


Rockware incurs £13m loss 
but says 4 worst is over’ 




.... ... 




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Rockware Group, glass.-. and 
plastic container manufacturer, 
incurred . pre-tax losses, of 
£12.33in for the 53 weeks ended 
January 1. a swing of £13 .43m 
on the . depressed restated 
£605,000 profit reported last 
year 

The group peaked with profits, 
of £7.78m in 1977 but has experi- 
enced steady downturn since. 

For the opening six months 
of the year under review losses 
widened - from : £484.000 to 
fg 51 rn 

In his statement with the 
preliminary results new chair- 
man.- -Sir 'Peter Parker, says the 
group has begun 1384 with “new 
confidence. 1 * ■■■’■. 

He adds that although the 
retrenchment of the group . had 
been hard for the Hock ware 
community and shareholders he 
now believed the worst was 
over. 

Sir Peter, who returned to 
Rockware from British Rail, says 
the group could end 1984 “in the 
black.” 

He explains that the glass and 
plastic divisions are both set to 
recover their tine profitability, 
adding that plastics will be 
strong now that- it has- reduced 
its plants from four to three. 

- As for glass. Sir Peter says 
the management has. reacted to 
the crisis and can stili make the 
division profitable with glass 
container .sales nationally at 
£400m a year. 

Shareholders are told that the 
renewal of confidence in the 
glass product matched both by 
more commercial realism in. 
pricing and continuing pressure 
on stock and capacity, must . 
improve profit prospects. 

. There are profit con*. 


sequences"- -to face on heavy, 
repairs to furnaces in the open- 
ing half of 1984 but the chair- 
man points out that this period 
is always the more difficult one. 
. . With the trauma of recent 
years be is cautious about the 
turcround but says pricing and 
productivity are improving, as 
is customer demand. 

Group turnover for 1983 
dropped by £I0J3Sm to £13 1.47m 
and .operating losses totalled 
£6.2im, compared with previous 
profits of £5 -22 m, before taking 
account of exceptional charges 
of £i.68m (£0.16m>. Interest 

costs were little changed at 
£4-38m (£4.61 ml but associates 
cost £557,000 (added £160,000). 

There was a tax charge of 
£26,000 (£76,000), minority debits 
of £137,000 (credits £94,000) and 
extraordinary charges of £5. 13m 
(£644.000), being group rationali- 
sation costs — over throe years 
these have totalled £i9m. 

Loss per 25p- share emerged 
at 60.46P (2-6Sp earnings) and 
for The second year in succession 
the dividend is. passed — 2.1p was 
paid in 198 1. 

An analysis of turnover and 
operating profits before interest 
shows: glass £101_31m (£1 03.98m) 
and £&34m loss (£4.5m profit), 
plastics £26.9 lm (£33. 16m) and 
£537.000 (£935.000) and engineer- 
ing £3 -25m (£4.61m) and £54.000 
loss (£384.000 loss). 

The financial position of Rock- 
ware was reinforced last summer 
by a £10m preference share issue 
which together with the sale of 
Alida for £2.9m and strict control 
of cadi resources led to a sharp 
reduction in borrowings. From a 
peak of £48m in 1983. these were 


cut to £30m by the end of the 
year. 

• comment 

Rockware’s 1983 revenue account 
is an appalling portrait of the 
scars of recession. A retained 
loss of USulm Is arrived at after 
no less than 14 separate debits, 
which must constitute some kind 
of record. Only the company's 
overprovided pension fund has 
supplied any black ink and a 
£ 1 . 2 m write-back from that 
quarter has been overwhelmed 
by £2 .9m of exceptional costs. 
But at least the company's new 
management, bolstered by a 
£10m capital injection, has felt 
secure enough to throw every 
identifiable cost into the glass 
furnace. The upshot is that 
shareholders' funds, including 
preference capital, of £40m are 
su porting net debt of £30m. That 
hardly adds up to a weather- 
proof balance sheet but, since 
price increases are at last begin- 
ning to stick and the industry 
as a whole is casting a colder 
eye over its capacity, Rockware 
should manage to trade its way 
back to fioa octal respectability. 
Break-even looks an attainable 
target for the current year, given 
the industry's very high opera- 
tional gearing, but the longer- 
term issue is whether Rockware 
cun generate sufficient cash front 
Rs glass business to develop a 
protective bulwark against the 
twin dangers of foiling demand 
and irrational competition. The 
share price has doubled over the 
past five months but, at 34p, still 
capitalises the ordinary equity at 
only a quarter of the net book 
worth attributable to ordinary , 
shareholders. 


|VG Instruments beats forecast 


IN SPITE! of lower income from 
investments, pre-tax profits at 
VG Instruments improved from 
16.53m . to £7S5m in 1983. The 
figure., exceeded, .by some 
£347,000, the forecast made at 
the ' time of the company's 
flotation in December. 

In the offer document, the 
directors' decided that no divi- 
dend would be recommended for 
1983 as the company, was listed 
for two weeks only to December 
3L It is expected that in respect 
of 1984 and thereafter, dividends 
will be paid, in the approximate 
proportion of one-third and two- 
thirds of the total,' in October 
and May respectively. 

Sales during the year increased 
by 26 per cent from £3L88m to 
140.27m. Of this total, 72 per 
cent. were, exports, and trading 
profits- of £6.4m (JMLSlm) were 
30 per cent .'higher thafi 
previous year. The directors say 
this shows a welcome improve- 
ment in margins, and the? ’Will 
continue to-, taka . action - -to . 
strengthen this trend. 

The order book at, the begin- 
ning of 1984 stood at- a record 
£25m following a 31 per cent 
increase in orders dring 1983 
over 1982. 


The reduction in investment 
income was due to the fall in 
interest rates, and much sir aller 
gains on realising gilts. As the 
economy changes, plans for 
accelerating growth will attract 
more funds into development of 
the product range, production 
and demonstration facilities, and 
the creation of additional jobs, 
say the directors. 

They add that the decision 
taken in 1982 to expand and 
relocate the two largest sub- 
sidiaries has proved timely, and 
the benefits of that step are 
already being seen and will 
provide essential new capacity. 

Overseas, a new office near 
Peking in China has been 
opened, and . an independent 
Dutch eampany has been estab- 
lished. 

Group tax for the year was up 
from £2.75m to £&27m. leaving 
-profits of £4.08m against £3 .70m. 
There' were minority debits of 
£123,000 (£354,000), resulting in 
attributable profits of £3 .95m 
compared with £3.43m. Earnings 
per lOp share were 79p (&88p). 

• comment 

On the face of it, these figures 
do nothing to show whether VG 


is ready to break out of its un- 
inspiring profits record of the 
past four years. Around Three- 
quarters of sales, however, are 
made up by large often custom 
buih instruments, where lead- 
times are long and profits 
lumpy. So the 26 per cent in- 
crease in turnover indicates that 
VG has rather more up its sleeve 
for the current year than 1983's 
mere 12 per cent increase in pre- 
tax profits. U.S. price undercut- 
ting in mass spectrometers seems 
to have largely dissipated, while 
export orders overall were up 
46 per cent, with China over- 
taking Japan for the first time 
following the opening of a new 
Peking office. Orders were dull 
at home, but the UK business has 
always been unexciting com- 
pared with overseas. The bulk 
of domestic sales consist of com- j 
ponents, where orders come in 
a steady stream rather than in 
£2m chunks. Orders are currently 
up 275 per cent across the board 
on last year, indicating that 
£9 .5m pre-tax could be within 
reach this time. That puts The 
shares, up 8p to a new high of 
206p, on a prospective actual 
tax multiple of 20. 


Telemetrix 
maintains 
rapid rise 
in profits 

THE RAPID profits growth ' 
achieved by Telemetrix since its 
formation in 1977 has continued ; 
with ihc company reporting 
more than doubled profits of 
£919.000. against £433,000. for the 
I six months to end-December 1983. 

Further, the company has 
reaffirmed last October's pros- 
pectus forecast of £32m for the 
year, compared with last year's 
£1.61m. 

Mr Roy Cole, the chairman of , 
this designer and manufacturer 
of advanced electronic products, 
says the company's product intro- ' 
duclions have gone well and 
order activity is at a high level. . 
“ Exports continue to take an 
increasing share of our 
business with encouraging con- , 
tributions from our ventures in 1 
the U.S. and West Germany," 
he says. 

An inaugural interim dividend 
of 0.5p net is declared — at the 
time of the offer for sale the 
directors expected to announce 
dividend payments totalling 1.4p 
for the year. 

Turnover for the interim 
period expanded from £1.63m to 
£4.13m, and compares with turn- 
over of £5-S5m in the last full 
year. 

Net profits emerged at £579.000 
(£274.000), after tax of £340.000 
(£159,000), from which minorities 
and extraordinary items took 
£14.000 (£9.000) and £47.000 (nil) 
respectively to leave an attribut- 
able profit of £518,000 (£265,000). 
Earnings per share were 3.1p 
(I.6p). 

• comment 

Tefemeirix's share price has 
jumped by a quarter in the past 
three weeks in anticipation of 
yesterday's announcement of 
more than doubled first half 
profits, a performance which 
carries with it the promise that 
the £3.2m prospectus forecast 
can nev be comfortably beaten. 
The improvement comes almost 
entirely from a five-fold increase 
in sales by the Westward micro 
systems subsidiary on the back 
of two new graphics display pro- 
ducts from the buoyant CAD/ 
CAM market. The capacity for 
further substantial growth is just 
around the corner when the new 
factory comes on stream and, in 
the slightly longer tern, after 
the company starts to make its 
presence felt in the important 
U£5. market. Teie me Iris's suc- 
cess is very much due to its 
ability to biovate and run with 
products at the leading edge of 
the computer business and this 
skill will clearly stand it in good 
stead with its non-Westward 
operations such as Isoplastics, 
Lord Medical and the now profit- 
able NC Writer. These sub- 
sidiaries have some potentially 
good nursery products in the 
pipeline, at least one of which 
could give Westward - style 
growth. On the assumption that 
Telemetrix can — as it has done 
in the past — solve its component 
supply problems at least £7JSm 
should be possible tins year. At 
333p the prospective p/e is 28 
on a 34 per cent tax charge — a 
fair enough rating for the sector. 




Buchan contribution boosts 
CharterhaU at midterm 


Britannic improves 20% 
helped by reduced losses 


ssuf^ 




HR f983 


RESULTS of CharterhaU, oil and 
minerals group, show a substan- 
tial., improvement for the six 
months ended December 31 1983, 
and reflect the increased pro- 
ceeds from the sales oC oil from 
the Buchan Field and North 
America. •' 

Compared with losses of 
£247,000 last time, the group 
achieved pre-tax profits • of 
£597,000. For the whole of the 
previous year there was a 
surplus of £ 202 , 000 . 

The: group's investment in 
exploration and production 
assets excluding the- purchase,' in 
January of the Forties Unit for 
fTAm'and the acquisition of a 
controlling interest in Charter- 
hall Australia, amounted to 
£3.6m. 


The directors say the Forties i 
buy is expected to increase the 
group’s oil production entitle- 
ment initially by some. 1,100 
barrels per day with effect from 
January 1 last. I 

The half year was the first, full 
six months for which the group I 
was entitled to income. from both i 
its working and net production . 
interests m the Buchan field. 

Pre-tax figure . was- . after : 
administration expenses, £863,000 
(£652,000), other operating in- 
come £351.000 (£255,000), interest 
receivable £71,000 (£53,000), and 
interest payable of £439,000 
(£ 200 , 000 ). 

After a tax charge of £6,000, 
against £33,000, earnings per 5p. 
share were L31p» compared with 
0.73p Josses. 


j# ; 
id$ ; 

iia» % 

.. i*5 •* 


««-f % 

;.si: 4 


(if k 

J> xl 

«’ ;i.Sf J* 

I i 

1 1 

i iT- 

! 



Interim 

Report 


BY SUC SHORT 

BUOYANT long-term profits and 
reduced losses for the year on 
general insurance business 
enabled Britannic Assurance to 
record a 20 per cent improve- 
ment (n pre-tax profits in 19S3 
from £3 .82m to £4_6m. 

Dividends for the year are 
lifted 175 per cent from lS.55p 
to 21Bp with a final payment of 
15.01p. 

. The transfer from long-term 
business Increased 17 per cent 
from £3B5m to £4.52m. Stock- 
holders’ net investment income 
rises from £130,000 to £142/100. 

The net loss on general insur- 
ance business last year was cut 
from £167,000 to £58.000 after a 
£200,000 transfer from the claims 
equalisation reserve. However, 
rising numbers of theft claims 
continue to plague the household 
account. 

Bonuses for ordinary policy- 
holders rise 25p, 5.5 per cent of 
the sum assured for life policies, 
with a substantial improvement 
in terminal bonuses. Deferred 
annuity contracts get a 25p rise 
in the reversionary bonus to 6.65 


per cent of the basic annuity, 
plus improved terminal bonuses. 

Industrial policies get a lOp 
rise in reversionary bonus to 
4.30 per cent of the sum assured, 
as well as a special reversionary 
bonus and higher terminal 
bonuses. 

• comment 

Last year's buoyant stock- 
markets have done wonders for 
life company profits and 
Britannic Assurance is fully 
rewarding both shareholders and 
policyholders. The continued 
strong UK equity market augurs 
well for profits this year. The 
loss of Life Assurance Premium 
Relief could slow down new 
business growth, but this impact 
on profits wilt not be felt for 
some time. General insurance 
business is still causing prob- 
lems, but the company has now 
implemented a new premium 
rating policy for its household 
business which should stem 
underwriting losses from thefts. 
The share price improved 15p 
nn the results to 465p yielding 
6J) per cent 


■5fe- An encouraging first half-year: pre-tax profit up 
by 35%. 

7 ^- Continued improvement in exports and significant 
- growth in most areas. 

Market improvement expected to continue and full 
year’s results to be substantially up on last year. 

Interim Dividend (net) of 1.25p (I9b3: 0.925p). 


BOARD MEETINGS 


Summary of half-year results 
(Unaudited) 2Swi 


Turnover 

Profit Before taxation 
Taxation (U JC tax 52%) 
Profit for the period 

Earning per share 
(pre-tax) 

Earnings per share 
(post-tax) 

Dividends per share (oet) 


28 nsrlii 
mil'll 
]Jifa]wwrv 
IVU4 

two 

17,675 

4,565 

1,826 

2,739 


5-7p 

1.25p 


chJl-I 

MiAJonutry 

JW.! 

L-CCJ 

15,381 


4-2p 

0-925p 


V.jr 

ended 

SCihJinte 

cwu 

30,021 

7,646 

2,813 

4,833 


10. Ip 
2.525p 


TOOAV 

. In ter ims: Arbuthnot Dollar tricorns 
Trust. Arbuthnot Govsmmant Securi- 
BK Trust, S. ft. Gant. H.T.V., May. 
neidt, Staffords hi to Potteries. Tfiy 
Homes. F. W. Thorps. 

Fbnter Automated Security. BBA, 
Banro Industries, Botswana RST, 
Broox Engineering, Central Indepen- 
dent Television, Church, Clifford's 
Dairies. William Collins, Friedland 
Dogoan. Carton Engineering. A. Jonos. 
Liverpool Daily Post and Echo, Lorfin 
Electronics. Lyon and Lyon. Manders, 
Metal Closures. J. N. Nichols (Vimto), 
Noble and Lund. United Newspapers. 
Waver ley Cameron, Wool worth. 

FUTURE DATES 

interims — 

GT Asm (Sterling) Fund Mar 30 


Peters Stores 

Pressac 

Ramus 

Tyzack (W. A.) 

Westminster and Country 

- Proper! res 

Finals— 

Bcrweter 

B rammer 

Brown Boven Kent 

Good Relations 

London ond Edinburgh Trust 

Mobon 

Nawarthill 

Ocean Transport and Trading 

Rotafle* 

Shield Insurance - 

Squirrel Hom 

TeHos 

Unibond 


DIVIDENDS ANNOUNCED 


Current of s 
payment payment 


Co ire- Total 
spending for 


Armstrong Equip ...int 0.2 

Bestobell 7.8 

BICC 7.04 

Britaiuaie Asset- 15.01 

Hepworth Ceramic 3JS 

Harare Charm 1J5 

John L Jacobs 1.9 

Jones & Shipman 1 

Hugh Haekay 2.6 

Sirdar int L2S 

Telemetrix int 0.5 

Turner & Newall 0.75 

WW Group 6 


May 23 
May 31 
July 2 


Home Charm cash 
call: profits up 



BT TERRY GARRETT 

PRESENTING MUCH better than 
expected pre-tax profits for 1983 
of £7m Home Charm is calling 
on its shareholders Tor £17m of 
fresh capital with a rights issue 
of convertible loan slock. 

The issue is being made to 
finance its rapidly accelerating 
new store opening programme 
which will involve capital expen- 
diture of over £15m on 18 new 
outlets. Apart from the year of 
the San key acquisition that 
degree of capital commitment is 
more than twice its previous 

poak. 

The group's plan is to lift the 
net selling area from 1.93m sq ft 
at the end of 1983 to 2jm sq ft 
by the end of 1984. Two of the 
new outlets will be Bulk stores, 
aimed at the "heavier” end of 
the DIY market. 

At the time of the quantum 
leap forward with the Sankey 
acquisition two years ago for 
£14m, Mr Manny Fogel. Home 
Charm's chairman, said that 19S3 
would be the year the group 
reaped the rewards of that deal. 

Even so, pre-tax profits of 
£7. 05 m, against £3-22m, left 
behind the most enthusiastic of 
outside forecasts. Sales for the 
year came our at £ 136.4m, com- 
pared to £ 106 . lm. 

A final dividend of 1.25p 
f 1.05p) lifts the full year payout 
to 2p (1.33p> from earnings per 
share of 8.5p <7.0p) after a 
heavier tax charge of £3.44rn 
(£OJ24m). 

The directors arc forecasting 
"another successful year" far 
1984. In the market, the shares 
rose 18p to l73p. 


The convertible issue is on the 
basis of £2 of 7 per cent stock 
dated 1997-2004 per five ordinary 
shares at par. Each £100 of stock 
can convert into 60 ordinary, , 
giving a conversion price of 
166.7p per share. 

Members of the Fogel family ; 
will not be taking up their i 
entitle meat accounting for 38.8 , 
per cent of the issue. This will 
be placed with the balance 
underwritten by Morgan Gren- 
fell. Brokers are de Zeole & 
Be van. The issue is subject to 
an cgm on April 9. 

• comment 

The attractions of fixed 7 per 
cent money for Home Charm 
against fluctuating bank debt are 
self-evident and the convertible 
avoids pricing equity at a dis- 
count to the market. Finally, by 
ine time the first conversion date 
arrives, Home Charm hopes to 
avoid earmngs dilution. The 
1983 results were a clear £;m 
pre-tax ahead of best estimates, 
providing an ideal backdrop to 
the issue. And. given the pace 
or development, profits could 
reach around £9m this year. 
There is virtually no aebi iu 
the balance sheet apart from £6m 
of mortgage money so the £ 16 !m 
net proceeds more than covers 
the spending programme stretch- 
ing out towards the end of the 
year, quite apart from cash flow. 
Although nothing is mentioned, 
it would be very surprising if 
the group was not eyeing possible 
acquisitions given the way it is 
filling its coffers. 


~7I The Charities Official 
■Qua Investment Fund 

Annual Report 1983 

Value % Change 
31/12/83 1983 

Income Shares 239. 96p +23.6% 

Accumulation Shares 643.72p +24.6% 

F.T. Act AH Share Index +23.1% 

Income Share dividends were increased from 

1 3.1 Op to 14.00pin 1983. 

•A common investment fund under a Scheme of 
the Charity Commissioners. Available to any 
charity in England or Wales. 

•A Special Range investment. No division of a 
charity's capital required under the Trustee 
Investments Act. 

•Income Share dividends paid free of U.K. 

Income Tax. 



Aspinall £150,000 over 
forecast with £15.1m 


KENMBVC 

MOTOR G&OUR&lc. 


DntnixJtara am Rietarien of Cls. Commertul Vetodes. Feaofeum Products 
j id tyres. Concessionaires for Jonn Bull Tyres. Spectators m Service and 
Faro. Long Term Contract Hire. Car araJ van Mre. Sodytuklcfs. 
Manutacturm oi EJecwc Vehicles, Read Tank vwndes and Remoulded 
Tyres. Operators of Motorway Service Areas Insurance Brokers and TraiAef 
Agents. Developers and Retaileis cil leisure Fnopeiry. 


AGAINST LAST November’s 
USM prospectus forecast of 
£14.96m. Aspinall Holdings 
achieved pre-tax profits nf 
£15. llm, against £8.99m, in the 
year to September 30 1983. 

The profit includes a net gain 
in investments of £2.83m as was 
forecast in the offer for sale 
document. 

Turnover of this casino 
operator advanced from £l5.94m 
to £19.75m — consisting of the 
gross gaming win, which is the 
drop less player's winnings but 
also includes dining room and 
bar sales, house fees and mem- 
bers' subscriptions. The drop for 
the year was £79.64m (£58-llm). 

The directors say that it is 
their intention that the develop- 
ment of the company will be 
organic, as far as the gaining 
activities are concerned, and by 
way of acquisition policy to give 


Aspinalls an element of 
diversification, both within and 
outside the leisure industry. 

Last December, the group 
purchased a 14.62 per cent stake 
in Anglo - Scottish Investment 
Trust for £6.6tn, 

The transfer of the gaming 
activities to new premises in the 
Mayfair area of London is 
expected to take place at the 
end of this month. 

Operating profits for the year 
were £11. 19m (£8.47m), and were 
struck after Gaming Licence 
Duty of £4. 22m (£2. 97m) and 
other costs of £4 .34m (£4. 5m). 
Interest added £490.000 
(£508,000) and other net income 
totalled £603,000 (£109,000). 

After subvention of losses of 
Howletts of £1.13m (£924.000) 
and tax of £7.42m (£3.96m) there 
was a net profit of £6.57m 
(£4.lm). No dividend is declared. 


Year Ended 

30tn September I9B3 

1983 

£000 

1982 

£000 

Tunaver 

326381 

287690 

Ptofft before Taxation 

1 1.747 

8304 

Onadenos Detnbuted 

£533 

t.795 

Shareholder; Funds £67 4m 

Issued Capital and Reserves! 

CJprtJi Employed £92 2m 


Fued Asset Eb3.5m 
Numt3erotShaiehoWefs4.i99 


Net Current Assets US.Om 


Number ol Shanehotden; 4.199 Numoer ot Employees 5.816 

value of Group's Properties £33 8m Number ot Apprentices B8 

Copies of the 1 983 Report and Accounts may be oOLaned frorn the 
Secretay. Manor Offices. OU Road, Chesterfield. 





. ay .’ .a 




Burton 
profits up 

44 % 

Results for the half year up to 25th February 1984 

★ Record pre-tax profit up 44% to £26.1 million 

★ Turnover — up by 37% 

★ Interim dividend up 29% 

★ 115 trading outlets added in the first six months 

★ £60m being invested in 1984 

★ Growth record sustained by strong management 

The Chairman, Mr Ralph Halpern, says: 

“All the major retailing divisions contributed to the 
improvements in sales and profits. 

In the first half the Group has increased its share of the UK 
clothing market and remains committed to further 
increases in the future 

This continued profitable expansion demonstrates the 
success of policies for developing and motivating 
management and staff at all levels. 

Investment in new products and trading space continues, 
and capital expenditure this year is currently forecast at 
£60 million compared with £29 million last year!’ 

Copies of the Interim Statement may be obtained from the 
Secretary, The Burton Group pic, 214 Oxford Street, London WIN 9DF. 

Burton— a wirmerforcustomers, shareholdersandstaff 













Financial Times Thursday -Mateh -22 


BIDS AND DEALS UK COMPANY NEWS 


MINING NEWS 


EIS Group paying £1.4m 
for G. M. Firth offshoot 


EIS Group, the process plant, 
machinery and engineering com- 
pany, is to pay £1.39m for 
Northampton Machinery Co, the 
GM Firth (Holdings) subsidiary 
which makes bunching and 
stranding equipment for the wire 
and cable industry. 

Northampton’s business will 
complement the wire and cable 
activities of EIS's subsidiary, 
Francis Shaw. Firth said the sale 
represented a further move out 
of businesses which did not fit in 
with its aim of concentrating on 
areas of industry and commerce 
biased towards the services 
sector. 

Northampton earned pre-tax 
profits of £74,000 on turnover of 
£4.1m in the 15 months to March 


31 1983. Its consolidated assets 
had an historical net book value 
of £l.llm as at that date. 

ETS will pay £1.29m on com- 
pletion of the deal from the pro- 
ceeds of a vendor placing of 
832.446 of its own 25p shares. A 
further £100,000 will be paid in 
cash on June 30 1984 subject to 
pre-tax profits of Northampton 
not falling below £300,000 for the 
year to March 31 1984. 

If profits do fall below 
£300,000 the purchase price will 
be reduced by as equivalent 
amount. 

EIS said yesterday it had 
agreed to purchase the North- 
ampton share and loan capital 
subject to the approval of 
Firth’s shareholders at an EGM 
to be held on April 6 1984. 


Firth said it will use the pro- 
ceeds of the deal to reduce its 
bank borrowings. On the basis 
of expected pre-tax profits for 
the year ending March 31 1984 
net assets of Northampton will 
amount to about £855,000, it 
added. 

EIS has pursued an active 
acquisition policy in the past few 
years buying the universal and 
aircraft joints product line of 
Mollart Engineering of Surbiton, 
Surrey, for £225,000 in Septem- 
ber 1983. 

In November 1082 EIS paid 
£1.3m for Francis Shaw, an 
engineering group supplying the 
rubber and plastics industries. 
Its shares fell 2p to 164p yester- 
day while Firth shares were 
unchanged at 23 jp. 


‘No logic in bid ’—Macpherson 


BY RAY MAUGHAN 


Seeker, the Swedish paint and 
industrial coatings group, 
believes thata successful £13. 6m 
bid for Cover Plus manufacturer 
Donald Macpherson will “create 
an International paint group with 
a strong manufacturing base in 
Che UK well diversified in pro- 
duct lines, geographical spread 
and customer base and providing 
Macpherson with access to 
Becker’s significant technical, 
marketing and management 
resources.” 

In response to the formal offer 
document from Becker, Mr Rex 
Chester, the chairman of Mac- 
pherson, said that " the logic for 
Becker is clear — it needs 
Macpherson to establish a 
stronger presence outside its 
small home market. 

M The Logic for Macpherson is 
non-existent,” he added; M Becker 
has nothing to offer in terms of 
commercial benefits or increased 
fi n a n cial strength. 

“ The terms of the offer are 
wholly inadequate and reflect 
neither Macpberson's net asset 
value nor its earning potential 
following the major rationalisa- 
tion." 


The defence has already 
emphasised that its assets are 
worth over £ 19.6m and believes 
that the market, pricing its 
shares at 87p yesterday, “has 
recognised the inadequacy of the 
offer." 

But in the offer document, 
Hans Miver, president of Becker, 
stresses that "assets are only 
worth what they earn ” and 
points out that trading profits 
represent only 7.7 per cent of 
average capital employed against 
20.5 per cent in 1979. 

Moreover, the 75p share cash 
offer represents a p/e of over 22 
for the average earnings before 
extraordinary items for the three 
years ended October last year. 

Attributable losses have cut 
net worth from I33p to 108p by 
the year end — “ a fall of IS per 
cent on top of two years' steady 
decline." 

The president points out that 
" at no time in the last six years 
has Macpherson's share price ex- 
ceeded asset values while the 
cash offer represents only a 30 
per cent discount compared with 
the middle market price on 
January 24. the day before 


AS REPORTED on February 8. 
discussions were taking place 
between Throgmorton Trust. 
Capital for industry (CFI) and 
Cray Electronics (Cray) with a 
view to a reorganisation of CFI 
and Cray. Following the suc- 
cessful conclusion the directors 
announce details of proposals 
which include a share exchange 
offer by a new holding company 
for the share capital not held 
by CFL 

CFI is a subsidiary of Throg- 
morton, which owns 74.9 per 
cent o fthe ordinary and 100 
per cent of the preference, and 
directors propose a new holding 
company, Cray Electronics Hold- 
ings (CEH), will acquire all the 


share eapitaly of CFI and also 
make an offer for the balance of 
Cray's share capital. 

CFI holds 11m ordinary of 
Cray (52.1 per cent). 

Throgmorton has conditionally 
agreed to place 3m CEH mainly 
with institutions at 153J5p. Con- 
ditional arrangements have also 
been made by Mr Solomon, Mr 
Meekins and Sir A. Jalliffe (the 
founders), who jointly own the 
25.1 -per cent balance of CFI. to 
place 1.3m CEH. On full imple- 
mentation of the proposals and 
following the placings, Throg- 
morton will own 26.09 per cent 
and the founders 655 per cent, 
respectively, of CEH. 

The implementation will result 


The independent directors of 
Cray and their financial advisers, 
Capel-Cure Myers, consider that 
the terms are fair and reasonable 
and in the best interest of Cray. 


Cor 





Profits before taxation 



1981 1982 


Premium Income 
General Business 
Life Business 


Profits 

Underwriting results 

Investment income attributable to general insurance funds 
General insurance profit 
life insurance profit 

Investment ana other income attributable to 
shareholders’ funds 
Share of associated company result 


1983 

1982 

£000 

£000 

175,938 

154,436 

21,689 

. 23,092 

197,627 

177,528 

(10,085) 

(9,439) 

16,435 

15,464 

6,350 

6,025 

1,079 

100 

6,464 

5,943 

(54) 

— 

13,839 

12,068 


Copies of the Report & Accounts may be obtained from the Secretary at 33 ComhOI, London BC3 V3LT. 



Comhill 


CornhM 
improves 
by 14.7% 
to £13.8m 


Applied Botanies 
expects shortfall 
on profit forecast 


Dome Mines 
expansion ph 
close to comi 






BY. GEORGE MUJNG-STANLEY IN TOWNS, 


Cornhill Insurance, a member of a mainr Mr ' Jeremy ‘ Pertwee. group BY. GEORGE MILIJN&STANLEY IN TIWHNS, 

SSvmittte 4 p^aTprSte supplier of houseplMls to Stota Awtollaig CANADA'S Dome ■ Mines, : -the meat of men 

-jeMS-iz-J: «KflSF53ST?H 


last year to £13Sm, despite con- 
tinuing difficulties in certain 
sectors of operation. 

Underwriting losses worsened 
marginally from £9 .4m to £10m. 
but this was offset by a 7 per 
cent rise in investment income. 
Life profits jumped in 1983 from 
£100,000 to flm, but this 


the Unlisted Securities Market been poor in October amf Nov- 


last September. 


The group is the product of a group 


ember, with the result that the 


heavier 


reverse takeover of USM-quoted stocks than usual. There was an 


taT ihta tions by Clacton-on-Sea base<3 
SSS a*° subatantiaj^once^iff SU <8=5 


Sampang (Java) Rubber Plants- upturn at Christmas, which was 
tinn* bv Clacton-on-Sea based not sustained in January and 


valuation period. 

In the UK, the motor account 


tions by Clacton-on-Sea based not sustained in January and 
New Ruaton Garden Company. February, but the group is now 
Annlled Botanies’ directors trading at record levels, he said, 
said yesterday that new Ruaton’s “The result is that there has 
ore-tax profits for the twelve been a mismatch in cropping and 

. r V. 1 U 1.11 .mninir Mth.* fatal- than 


e? «,st'- , 5sb 


anniversary of the original waSfiadiPg the b^Way to.t^ms-",.. 
staking o£ its claims jwrth the .port ore from the No 8 Shaft- to •>. 
completion of a four-year expan- the. new Treatment: 
ston programme. 'Costing C$95m--fieS5ome 3,000 fee? ■ 
(£5LSm) this involves a new* far. side of-a road ’co^eetirigrtSe;: 
shaft and a 50 per cent increase town. of. South' Fiofcqpltte aficT] • 
in ttre milling capacity . ^ - nearby Timmins. ■> ' i: V*.:-: : 

The new No 8 shaft is duO to - The poaabilityof i USjBg 'aa';: 
reach its target depth of 5.4E72 overhead conveyor to:carryr'the :'J 


months to March would fall short we are running rather later than 


I SofcMO- P F oH owing new ' <1 


two successive years of limited 
growth. A satisfactory insurance 
profit was achieved, though 
there was an underwriting loss. 
The household section benefited 
from recent premium revisions, 
though the increase in theft 
claims Is causing concern. 

Intense competition in com- 


Applied Botanies’ shares dropped 
7p to I5p. 

At the time of the merger, 


we thought,” said Mr Pertwee. 

GMM. JSsw fiQUr — 

New Ruato nis reviewing its 
production systems to give it the 
flexibility to ride out fluctuations 


which also accompanied a £ 1.67m in demand. Marks and Spencer, 


rights issue at Sip per share, the 
directors forecast that group 
profits would reach £400,000. 
That includes £200.000 from New 
Ruaton, a break-even from Sam- 


which takes more than- half of 


in Ore milling capacity. =. . . f - nearby -Timmins, j,.* f - : • • j- 

The new No 8 shaft is dub to : : The pOssMlftyof , UStbg'aa'. .' 
reach Its target depth of 5,472 overhead conveyor to caEcyrthe V 
feet titis week. Thereafter work- ore /over a . highway liras ‘riot-one I : 
ing places will have to be estab- that ' management Jpared- to' cmb .- . ; 
lished in the lower parr of the . template, nor waSH.tJie.vcoq^by 
-shaft- while the mitt capacity will 1 keen. on takii^ the'.bfeb^ tiriefc. 
have to be brought up. to the - The solution was ;j*rovid«J-:b!y; ' 
planned rate of 3,900 tonnes of insta ll i n g to underemunaVeon-: 1 
ore per day. . : r . - - - .veyof iiBinihg ^bro^the’Siiaff’a - 

The overall completion date . 200f oot level nndar the Jiighway '- 
for the; programme has been and,commg te^aiifaoe^at;^. 


the group’s output, has assured I hrou^t forwaid to May from the -entrance to.titergarit-, " 
Anolipfl Botanies that ther will I rvmtrimuiltr RrhAdnlAd dflln irl ' .iTAr OriTUd Hf ama 


Applied Botanies that they will 
continue to give its support. 

A further announcement will 


pans, and aOMBOta interest bq made v^n the fihort&U can bu&etedprfat. 


previously scheduled date .in For Dome itTs a; <rase Of^ jam - 
October of this yeiar'.at- a cost o f -tomorrow "njectoae toriinciriaras ' 
a relatively smalL overrun - to the. Jrihunirig - ahd^jnili^Jcd^itijy 


Becker stated building up its 
4.9 per cent holding in the 
market, which "then reflected a 

66 per cent discount to published 
asset value." 

Becker also believes that Mac- 
pherson's balance sheet, showing 

67 per cent gearing, will be 
further strained by the substan- 
tial new capital investment re- 
quired by tbe new reordering 
and delivery systems for the 
supply of Cover Plus to Wool- 
worth stores. 

Becker contends that, while 
the market will remain static 
over tbe medium term, only 
those companies with strong 
technical, management, market- 
ing and financial resources will 
be successful. 

Macpherson, the bidder fore- 
casts, “ seems ill-equipped to 
meet tbe future- demands of the 
industry as an independent 
company.” 

But the combined resources of 
the two groups will "enhance 
Macpherson’s ability to respond 
to the demands of the customer 
for the more sophisticated tech- 
nology in product development 
in a price competitive market." 


savings from the rights issce. 


tinued to hold rates down below 
their economic level and a sub- 
stantial loss was incurred. Other 
classes of business were profit- 

8 There was a good profit 85 COl 

recovery in the U.S., following ■ , r 

improved weather conditions and COMPULSORY 
careful risk selection. Canada orders against t 
also recorded an improved made in the a 


be quantified. 


wdUtmcmaknl 


The new shaft has .’become ; whrii¥".1dbex y .- 
necessary because the existing', becotnev '- fulty>- ■ rnfatgaiintipT ■ 


85 companies wound up 


main shaft, which dates back: to' Results far. the,cacren£'ye 
1915, extends. only to a oomparn-: .be .affected by.fbe.:hrgiE' 


orders against 85 companies were 

made in the High Court They Pipework and Welding Engineer- ^ this involves separate opera- • 

were: in® and Mintalor. tions for hoisting ore 'and redd - 

Michael Mingard, Plevshire, Roxitex, Coleshill, Coutray. ro the sorfare and the hauling of - 
Cosma Packaging, Screencraft JDruvlc, Isis Insulations, Cygnus material between 'the various:. 
Display Leyton, Intent Engineer- Digital Image Processing Com- shafts. N 

ing and Storage Systems, Comtek pany, MOI Garments, Panda Key- . By going down a mile below- - 
Management and Financial boards and DPS windows. _ surface to the. deepest -woritine. 


WINDING up Co (Bristol), Specific Design. 


Canfield. 


trvelyshaEow deptit TWo winzes sending -need ed^ftfri:(^npietioii 
—shafts which dwimew^ .firom - af tiie expanslon prijgramme aisil 
below Surface— «re useffto ; reacfc tb_ er€tr" s -afe'v-^wag^H Tiegotfations 


n - 1 tiie deepest levels of the mine : comlog up 


but this involves separate opera- 


However, overseas were: 


business written in London was 
extremely unprofitable and Is 
being curtailed- 
General; business premiums 
rose nearly 14 per cent to f 176m 
while the solvency ratio climbed 
to 84 per cent" 

Growth in life business was 


Michael Mingard, Plevshire. 


ythfc company ,has 


tions for hoisting ore 'and rix*. already wajmed of ^ “substantial ' 
to the surface a ad . the; banting: of.- - net . IbsS.^ fbr',1983. - ; . 


ing and Storage Systems, Comtel, 
Man agement and Financia l 


while the solvency ratio climbed Services and Melanies. Clintbrao k, Ac ou^c Chentiofi 

to 84 per cent' ' K. Halliwell Construction, The Company, Horasey Heating Sup- 

Growth In life business was Basic Trading Company, plies. Centre Gallery Bellbnght 
satisfactory last year, with total Hullabaloo, Pan-European Trans- Inveatmente, Techrate _ 
new annual premiums advancing port and Trade. Chartermead national. Hea th ma n and Rushtil. 
SDp^nt SteTibvestmcnt Enterprises. Adland, Glebe- ^Direct tamWM. 
and guaranteed bonus bonds bourne. Derrypress. Whear Jodal® FMhwns Conrtoarsh, 
»««, m.infc ;n iob*i Developments and Zadig. Lononstar, B. A. Wood (Mtern- 


matenal between- tne vanmss earjings^recxpected to m mga*. 1 .. 
shafts. ■ s --’-than offset by -its- sUkre-oit&e'big 

- By going down a mtie b^ow ; Write-Offs V beings l^nade ; by - ihe' 
surface to the deepest -woritiBg associated vDeme '.•PetroiWK.;;- in 1 

1 1 - L.W. •. '■ -- 'inli C.l. ^.1. ■ ‘Ml.*' 1 


Clintbrook, Acoustic Chemical I levels the new. shaft witi obviase- Whfcb . 'Damd HReubs . .'and .-sab- 
The Company, Horasey Heating Sup- 1 th | S tmvxeidy- arrangemenit and Vsidiaries. have’ a ;25,9i jwrj ceat ; 


plies. Centre Gallery, Bellbnght J considerably speed up th<r movfr_ ._shardhoIdin&f:*-j-v f 


and guaranteed bonus 
were much higher in 1983. 


Glebe- Direct Response Wales, 
Whear Jodater Fashions. Courtmarsh, 
Loti on star, B. A. Wood (Micro- 


Cray Electronics in share exchange deal 


Horizon Travel 

Following the Budget pro- 
posals for changes in the rates of 
corporation tax. Horizon Travel 
has issued the following re- 
assessed provisions for deferred 
tax, adjustment for minorities 
and earnings per share: 

Tax restated as £531,464 (pre- 
viously £2. 66m): profit attribut- 
able after minorities £12m; earn- 
ings per share restated as 28.32p. 


Ashfield Insurance Brokers, Services), Albany Plant Hire. 
Free maD tie Designs. Orchid oaks. Pebble bay. Design. _ 


Richard Lightfoot, Oxgate Sunheat, 


Engineering, 


Ayer Hitam and Tongkaii 
HariKHirllrido 

iffnn Atim OKI frn* eet-nff ‘ ‘ 'wrotncl" TAnVilr nh ” 


Engineering, Fenrose Transport, SUverlady ' The Commumtations ] twp R nvFn half-year mnrHs are for . set-off against T^ngfcah 
Alfred Re Sell, Carroll-Hanson Alliance, Digico, Ashley Tiling ] an ^ imw< | >>y twn ’Malay gian tin HaiboTn^aprijflL.^";!.^ 1 - 7 ' • 

‘^Malayda - . Nofntei ' 


Alfred Re Sell, 
Entertainments, 


Infabail and Fourmatt Video. 


Forthminster, Company, Concept Marketing, 


Hintgest. Exent Eiudneering and 


companies in ... the . . Malaysia . . No interimJ- diyidend: is being 
Mining . Corporation group. Ayer paid-for the curfenc /ear'to June 
uifam has seen, an increase to ; 1 3ff. iRirIfl82^8 th ere iwas^a final ; 
MB2.4m (£724^00), or 39 cents ^ dividen d 6nly of 1 & .cents less tax 


Holblend, 


(Littiehampton). Cooper Hubon 
Co verst era. Afford Rent-a-Car 
(Systems), Enset, Ravelstow 


Trou ghing Hayes Plastering Company. 


or Hubon Hamberger Bros (Spitalfields), 
Rent-a-Car Cayford and Co (Metalworkers), 
Ravelstow DFH (Soutiiern), DFH Scaffold- 


iwn’/Mwn) 1 nra Per share, for Ihe .six months to at 40per C8gt - 
DFH (Soutiiern), DFH Scaffold- [ Docember 31 'last compared with • •« 


Electrical ’ Supplies. Twenty ing Specialists. Gridgate Con- ggm in the same, period of 
Twenty (Films), Slavin Allan struct! on, Quicfcstyle and S. J. | 

(Builders), M. D. Parker' and Boulton and Sons. 1 '• 




in Cray no longer being a sub- 
sidiary of Throgmorton and will 
facilitate tbe wider spread of 
owne rship of, and market in, the 
CEH shares. 


COMPANY NEWS IN BRIEF 


The interim dividend has been, 
raised to' 60 cents (18p> :less. tax 
at 40 per cent This goes, 
against 25 cents for the previous, 
year when a final of 60 cents 
followed. \ 




The offer for the Cray shares 
will be made by S. G. Warburg 
on behalf of CEH and will form 
part of a wider proposal involv- 
ing the acquisition by CEH of 
Cra y on the basis of the issue 
by CEH of its shares on a one- 
for-one basis relative to the 
existing shares of Cray. 


A strong second half and lower 


Interest payments enabled textile shares, which will be accepted In 
and carpet distributor .W.W. fulL . 


applications in respect of 27.5m realisation of investments 
shares which will be accepted In during the year amounted to 


Group to' announce record pre- The allocation for other appli- at December^ 
tax figures for the 1983 v«ir. cations will be. as follows: for up .£490,015 (£626^71). 

Profits for the year advanced to 21,000 shares all offers will be J* - . * . 

from £0.6Sm to £1.06 m; with accepted in full; for 21.001-45,000 „ J“°£i ack *** 

£794,000 (£561,900T attributable shares applicants will .receive 
to the second six months. The 21,000 shares; tor over 45,000 
directors recommend a final shares the allotment will be 44 
dividend of 6p per share (4.99p), per cent of number of shares 


shares applicants will receive Peter Dunn have been appointed 
21,000 shares; for over 45,0Q» , liquidators rnf Easworthy 
shares the allotment will be 44 Electronus, domestic electronic 


year wnen a muai ui. ou cents 

" ' < 7 vMIe^«.staterowtrediippper cor- . 

fohowea , • poratibh, C detey, -raised its- net ' 

Ayer Hitam's profit on mining, profits last to U;S$2»hn ' 

realisation of investments ' 

during the year amounted to ^.“^resBe reflected a tone per 

SrBZSFS- 

£490015 (£626371). ' ' tretea and m the Price received, fgjj to tiie v^ne <rfv^the^ 3?eBO - - 

* 1 * for them. . against the CFS.dtfilar., “..v^ r : 

Mr Philip Monjack and Mr Toiukah Marbour has also Mairy Helen Spooner reports - 


equipment manufacturer. 


Tongkah Harbour has also Mazy Huen- Spooner regMrte 
dontbptierwth.a'siafemonth net tram. Santiago that while copper 
profit of M$24?,000. This goes exports were slightly reduced at 
against only MS18.000 - in • the L0%n- tosines^eales revehno TOse' 
same period Of 1982. when .there . ' to 8L56m &pnt .$1.44bn ;ln- 1982. 


making a total of 7.94p against applied for. 


The company’s estimated defi- j was a high tax charge attribut- Sales from by-prbdncts; iiMUudicg 


6.93p. Dealing 

Turnover rose from £25. 15m Marcb 2 ®- 
to £26- 7 4m to produce an p * 
increased trading profit of 


Dealings will commence 


ciency, as regards 
creditors, is £385,274. 


unsecured 


able to - a loss by -the ' associated ' molybdenum and anode bare»feU 
company whidi was hot available to $2lim from *217m.- . 


Pre-tax 


★ 

of George 


S raST Veaiimt flltaL Interest ln K ham (Holdings) worsted 

took £426,669 (£652^92), depre- S^s/m^Ttor vS iSt'ShS 
ointinn V2M.579. I £205. .*11 and to just £13,000 for I98J, but toe 


ointinn ova W9 i P905 /jilt and TO J u5t ior i»w. nut ice 

to £439,150' (£246.700). There ^th 



was an extraordinary credit of 
£313,000 (nil) this time. 


for the year, compared 
0.75p. 

Turnover was virtually 


The directors report ' very changed at £3.75m (£3.7m) and 
satisfactory" spring bookings, af ter a tax charge of £11,000 


despite sluggish 


(£6,000) earnings per 10p share 


trade. They expect higher sales were g lp (4^ p > on a net basis 


for the current half and a modest on a nil basis they are given as 


improvement 


Encouraging results have beeo 
achieved at autumn trade shows 


profitability. 8 5p (4.5 P j. 


* * ★ 

Oil Production Stock payments 


and the company hopes that ^ respect of Loudon and Scot- 


these will be consolidated into a 
satisfactory second half. 

Earnings per share were 
25.39P (17.72p). After the 

directors waive £24,154 (£21,082) 


ordinary dividend payments will on April 6. 


ora a Ush Marine Oil's share of Ninlan 
Field production for the half 
were year to December 31 1983 will 
the be on April 30 at 44.9009p net 
,082) a unit to holders on the register 


take £168,192 (£146,798). 
* * * 


JLasmo's entitlement to pro- 
duction, and its obligation to 
field expenditure, has. been 


The consolidated gross revenue amounted to 
£481 ,758 and the consolidated net revenue after 
providing for management expenses aod taxation 
amounted to £345,823. Comparison of theUguios 
with those Tor 1982 shows a rise in dividend 
receipts and a vexy pleasing pedbnnance by the . 
dealing company, which increased its cdnlributioa 
substantially. 

A dividend of 44%, less Jersey Incamelhx, : 
payable on the income shares on 4th May 1984 is 
recommended. This -will absorb’£352J)00 out of 
the balance of £486,168 available on the revenue 
account for distdbutionfor the year ended 31st . 


AH-SharoImJaxrose by 23-1%. TbeDpvt Jones 
Industrial Index rose. by 203% whilst the IAS. ' i 
do llar rose tqr 11 : 1% ag^nst steriins^agam. assisting , 
theperfonhabce pT bur ovetseasinvestments. The ; 
proportbnofthe'pOitfWio Invested in the United- 
States andCanada declined during 1983 ax . 

substantial profits were taken but the proportion 7 ^ ! 
invested In FarEastem maiitetswas increased : r - . 
During the year a number ofmvestrnenis were 
made in unquoted companies and these offer - ; 
significant potential for the current year ' . • 

The assets per capital share rose by 34-2% 
during 1983 which can be considered veiyy..: 


half nrnflts at Hueh nem swcumiure. nw. ucuu 
ackay, makers of "Durham" D COEnO T.A. n«M4liinwui) 


December 1983 and will leave a sum of £134,168 to 'satisfactoiyDespite the recent^ stiengthxrfwodd 


Hackay, makers of "Durham" 
carpets, fell from £390,000 to 


be carried forward in the accounts of the 


stock markets and. continued political and 


to 8.62608 per cent entitlement 
on current production and costs 


Company. The proposed dividend of 44% is higher ; economic uncertainties 1 am hopeful that we shall 


£259,000 but figures for the full ^ April 1 S 


year ended 1983 Improved from Between July 1 and December 
£321,000 to £361,000, _ despite a jj Lasmo repaid about 1.1m 
£38,000 drop in investment barrels of crude and a further 
income. Tbe company is paying 1,4m barrels adjustment will be 


an unchanged final dividend of made in 1984. 


2.6p to hold the total at 4p. 

Turnover rose from £9. 61m to 
111.11m, with exports Increasing 
their share from 25 per cent to 
35 per cent Tax absorbed 
£117,000 (£112,000). There were 


extraordinary items -last time of previously. 


* * * 

Costain Australia, 66.7 per 
cent-owned subsidiary of Costain 
Group, turned in taxable profits 
of ASl-Sm (£1.19m) for 1983, 
compared .with losses of S2.S9m 


by 10% than the 1982 distribution. In view of the . 
outlook for substantial growth inUJK. company 
dividends, wfe are hopeful that higher dividend 
income together with the balance carried forward 
will enable us to maintain dividend stability tod 
progress over the next few years. I would however 
like to remind shareholders that it is intended that 
tbe Company be dissolved on some date between 
31st December 1986 and 31st December 1991. 

During 1983 tbe Financial Times Industrial 
Ordinary Share Index rose by 30-0% while the 


he able to continue to make progress /or both 
classes of shareholders. 

December 33st 7 ! "1983 : 1982 

: . v , £ . . . s. 

Revenue before Tax . 43%3<K - 382,393 

Net Revenue . 345,823 305,910. 

Total Assets Capital - 

Shares - 10422,723 

Assets per Capitol Share SOfiJp . 3 

Dividends per Income Share 44JMJp '/ 4t 


10422,723 ? ,542490 
S06Jp - - 377.1p 
44J8^p 40.00p 


£53,000. 

The company expects that com- 
petition will remain severe, with 


The dividend is down from 
6 cents to 4 cents per share, but 
the prospects for toe company 


lower margins, but hopes that overall, including . a 


the newly-operative special pro- 
ducts division and the woven 
goods division will see a degree 
of increased activity during 1984. 
* * * 


Insurance Group 

A member of the BTR Group of companies 


Property investment company 
Laing Properties returned pre- 
tax profits of fll.lm for I9S3, an 
improvement of £1.4m over the 
previous year’s figures. A final 
dividend of 3.25p lifts the net 
total from 5p to 5.5p. 

Earnings per 25 p share 
emerged at 12.1p (l2.&p) alter 
tax of £4.4m (£2.5m). Share- 
holders' funds per share totalled 
3S5p (304p). The directors say 
the company is well positioned to 
maintain results on a "reasonable 
trend" for some time to come. 

*■ * * 

Mr Alan Baldwin, the chair- 
man of Secoriguard Group, told 
shareholders at Che A GM: "Sales 
in the first quarter were 54 per 
cent ahead of the comparable 
period and additional quotations 
are currently being submitted 
for contracts worth several 
million pounds, with the security 
company being particularly 
active." 

Charterhouse Japhet’s offer for 
sale of 40m ordinary shares of 
25p each (with warrants) in 
Charterhouse J. Rothschild 
Pacific Investment Trust at lOOp 
per share received 5,614 applica- 
tions for a total of 4424m shares. 

The directors were aware, 
prior to the publication of the 
offer for sale, of 195 intended 


interest charge from a reduced 
level of debt, indicate an 
improved trading result for the 
current year. 

Including -a tax -credit and an 
extraordinary profit from a 
property sale, profits came out 
at 5421m ($1.69m). 

* * . * 

Mr J. R- Hen din, chairman of 
F. Pratt Engineering Corp^ said 
at the AGM that tbe year had 
started in an encouraging man- 
ner and for the first time in 
three years the company was 
showing a small trading profit, i 

“ There are signs of some upturn ; 
and full time working has been 1 
resumed at all our factories.” 

*■ * * 

ETR South Africa, 58 per cent- 
owned by BTR. suffered from : 
progressively deteriorating 
demand for Industrial rubber 
products in I0S3 when sales fell 
from R 169.3m (194.79m) to R129m 
(£72 _23m) and pre-tax profits 
from Rlfi-Sm (£9. 41m) to R7.7m 
(£4_31m). 

Earnings fell from 67.4 cents 
to 36.2 cents and the dividend Is 
cut by 21 cents to 24 cents. 

* * Sir 

Revenue of the Leopold 
Joseph Sterling Fond increased 
from £1,220 to. £9,297 for 1983 
after expenses of £53,788, com- 
pared with £58,015. 

Revenue deposit interest 
received was down from £69,235 
to £63,085 and Included in tbe 
expenses were management fees 
Of £41,669 (£43,252). 

Capital account gain on tbe 



VG 

RESULTS -1983 


PLC 




■ 







Turnover 

Trading profit 

Profit before tax 

Profit after tax and . 
minority interests 

Earnings per share 


7.90p 


3: 4 

6.86p 


After tiie recesaonary eff ects of the previous year, 1983 saw big ' l- 

improvements in production and orders, as well as a strengthening of " 1 • 
margins. We expect these improvements to continue in 1984 which • " 

will also benefit from the introduction of three new manufacturing : : ~- 


areas and several new products. 


29 Brighton ffoacf Ctamey, Wfesf Sussex, RH106AE. 

















27 




Financial Times Thursday March 22 1984 


Accountancy Appointments 







' . ij, 

-=N 7 •»,, 

_ -V. '•>- 


FINANCIAL IHKECIM 


■(designate) 


BIRMINGHAM 

Our client is a well known and 
respected local, engineering pic. 
The Group is currently growing 
both by acquisition and internal 
development. . 

The position offered is with the 
Management team of a major, sub- 
sidiary with a turnover in the region 
of £8 million. It requires a qualified 
Accountant who can demonstrate a 
significant successful contribution 
within a manufacturing environ- 
ment. Ago is not critical, but 
ideally felt to be about 30. 

The main brief is to control the 
Management Accounting function. 
Metal market transactions and 


HERRY STREET 


C£1 5000, CAR, BONUS 

export finance are also critical 
responsibilities. 

There is a need to introduce 
improvements in stock systems 
culminating in the design and 
implementation of computerised 
stock control and contract costing. 
Strong personality and interpersonal 
skills are vital, reporting to the 
company’s M.D., and with a func- 
tional link to the Group F.D. There 
is input at all levels of the company. 
Written applications, supported by 
a detailed CV should be sent to 
Peter Grisenthwaite quoting Ref. 
FT3418,. to arrive not later than 
Wednesday 28th March. 


FINANCIAL RECRUITMENT 

A step up to your next career move 


3rd FLOOR 

GRENVILLE BUILDING 
12 CHERRY STREET; 
BIRMINGHAM 62 5 AR 
*£3* . 021-643 5767 
; 3 -643 6466 

Telex: 367337 CHERRY 


Finanrial 
Analyst 

Wfe are loofcftig for a high calibre, recently qualified 
graduate ACA. He/shewlD currently be wo iking with one 
of the big 8 firms of chartered accountants. Particularly 
important attributes are an enquiring, objective and 
analytical approach to obtaining and interpreting kny 
finely- in) information, in addition highly developed 
communication skills are ess e ntial 

The Ptnancifll Analyst reports directly to the Financial 
Director and the role Involves contact with all levels of 
management in several functions, especially In marketing. 
The position provides an early opportunity to contribute to 
the dedsion-inaking process at senior management levels. 

Revlon Health Care (UK) Ltd manufacture and market a 
wide range of ethical pharmaceuticals both for the UK 
zamicet and for export We will offer an excellent salary 
and large company benefits, including relocation 
assista n ce where appropriate. If you are interested in this 
career development opportunity contact 

Me D. L Denny Personnel Development Manager; 

Revlon Health Care (UK) Limited, St Leonards House. 

SL Leonards Road, Eastbourne. Sussex. 

Tblephone: Eastbourne (0323) 21422/ 641144 Ext 227. 

reviqn 


s 


HEALTHCARE S, 
(UK.) LIMITED 


Group Financial Controller 

Cheshire 

up to £25,000 incl. bonus + car 


OnrcGeiA b anraierprianggroirotrf 
industrial distribution and manufacturing 
■companies. Turnover is of the order of £7C 
million and there is a well sustained profit 
record. 

The financial director is now taking more 
of a general management role, and is 
seeking the support of a group financial 
controller. Real opportunity exists for the 
appointee to make further progression. 

A key aspect of the role will be that of 
adviser to the operating companies' chief 
executives, calling for substantial 
experience in investment appraisal, 
acquisitions, financial aspects of overseas 
operations, treasury and taxation 
management. 

Candidates, 32-38, must offer strength of 
character and the interpersonal skills 


required for a role which will play a 
critical part in maintaining effective 
teamwork. An ideal background would 
combine current senior responsibility in a 
leading service sector company in either 
retail or industrial distribution, together 
with some merchant banking experience in 
early career. 

Please write in confidence, enclosing career 
details and quoting reference 458 3/ L to 
M.R.P. Blandcenhagen , Peat Marwick 
Mitchell & Ca, Executive Selection 
Division, 165 Queen Victoria Street, 
Blackfriars, London EC4V 3PD . 


IS 


PEAT 

MARWICK 


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! 



Financial 

Diiedor 

(Designate) 

High Technology 

North Hants 
To £20,000 + Car 


□ 


Our efient is a successful and profitable company which In just 8 years has 
established itself as a leading European microelectronic test centre and is now 
coreiciering an early placement on the USM market They d&ribute a wide range 
of sophisticated electxonte ecpiixnent and provide extensive advanced testing 
faculties. 

QuaBty assurance is critical in the field of high technology products and offers 
considerable growth prospects. In order to maximise the potential, the company 
requires an able, commeiviafy aware Financial Executive to to responsible to 
the Managing Director for an financial aspects of the business. This wifi include 
-the Intersection of management information to HghfigM areas of profit 
improvement, the evaluation and control of investment opportunities, strategic 
pfenning and the raising of funds to support rapid expansion. 

The position wffl appeal to QuaNfied Accountants, aged 27-40, with the abity and 
drive to contribute significantly to the prosperity of aragh technological company. 
Experience of computer-based systems is essential. 

The company offers an attractive remuneration package including car, profit 
share and relocation assistance. A Board appointment in the short-term is 
planned and equity participation could to considered. 

Please send concise details including salalry and day-time telephone number, 
quoting ref: M2J05, to W.S. GtiSand, Bcecutnre Selection DMsion, 

Thornton Baker Associates Limited, Fairfax House, Fu/wood Place, London WC1V6DW. 



Head of Finance 


% 




Brighton and Colchester EI&200-E2Q.250 

The Post Office is seeking 2 Heads of Finance for the Headquarters of the 
Eastern Postal Region and South Eastern Postal Region in Colchester and 
Brighton respectively: The postsare open to men and women. 

Duties 

The Head of Finance will be responsible for: 

□ maintaining the total financial and management accounting system for 
the region: 

D providing professional advice to senior Regional and local managers 
on investmentappraisal, budgetary control, cash management, credit 
control, revenue collection and procurement matters; 

□ managing the Regional internal audit function, including liaison with 
Post Office Headquarters' Auditors and external auditors; 

P co-ordinating the development and use of mini/micro computers in 
the Region; 

□ determining appropriate specialist training for staff in finance and 
related areas. 

Qualifications 

Applicants should be qualified accountants with at least 5 years 
post-qualification experience. The successful candidate will be 
experienced in managing and motivating staff, capable of exercising sound 
commercial judgements and have a proven track record of working 
effectively with managers in other disciplines. 

Starting salary will be within the range quoted. There is an excellent leave 
allowance and a contributory pension scheme. 

Application forms can be obtained, quoting ref. FT, from Mr R B Langford, 
MRT. 2, Room 329, Post Office Headquarters, St Mart fns-te-G rand, London, 
EC1 A 1 HQ (tel: 01-432 4683). 

The closing date for applications is 21 days from publication date. 

The Post Office is an equal opportunity employer. 

The Post Office 


J 



Executive Selection Consultants 


Young Financial Director 

South Yorkshire, "negotiable salary -hear 

Tfrfatean exciting opening for a young accountant to join a rapidly expanding 
mann£actnring and retailing company, part of a major UK Group. As part of the 
executive management team. responsibilities will be for all the 
accoun tingfe ecretarial diacipfiaBB tat above all, to play a significant role mtto 
cfflnpany's future growth plans. Candidates aged aroand 30, must be qualified 
accountants and have sound commercial exposure, coupled wth a strong 
personality, capable ol imposing cranmercial awareness on colleagues. 

Tbs growth potential of the company will afford excellent opportunites for 
Tjersonai advancement- Benefits include a salary which will be erf attraction to 

canditoteflcn2Teatlyt»niiiigintheregionof*£15flOO, plus relocation 

assistance where applicable. 


G. Sable. Raft 28542/FI Male or female can dkJatas should telephone in 
confidence for a Person al History Form 061-236 8681. Sun Life House, 
3 Charlotte Street, MANCHESTER, M2 4HB. 


ACCOUNTANCY 

APPOINTMENTS 

APPEARS EVERY THURSDAY 
Rate £3410 
per single column 
centimetre 



HERON 


Finance Director I 

Heron Communications | 

£25/30,000+ car 


Central London 

Heron Corporation is one ofBritain’s largest privately owned and most diverse groups, which has consist end y grown since 1965, 
both organically and by acquisition. Our dient, Heron Communications operates in the field ofHome Entertainment, Music and 
Film Production, and is a substantial contributor to the Group. It now seeks a high calibre Finance Director; 

Proposed expansion will necessitate considerable travel and the ability to evaluate new business and acquisitions. 

This sjgmficantmanagerial position requires a qualified accountant (aged around 35) with in-depth experience at the most senior 
level in the leisure communications industry. An empathy for this business sector entrepreneurial flair and an assertive personality 
pre eaynrial yrrrihntre far g^gnesg jn rhfo^ Lmanrimg anri rhaTIt-nging appranfmenf 

Applicants, with capabilities wdl Keynnd conventional amauntingdolbi and a total co mmitment- tn the division's gmortb, will hn 

highly effective, numerate and articulate, with a strong creativebias. 

Candidates should write, enclosing a comprehensive curriculum vitae to J dhn Sheldrake, ExecutiveDivrsion, quoting ref 104, at 
PO Bax 143, 31 Southampton Row London WC1B 5HY, 




Young Accountant 
for European Role 

c£1 3,000 : Sussex 

Our client is a fast growing, successful company, part of a major 
group, and has an international reputation in its own specialised 
field of engineering. Over 60% of production is exported, 
primarily through marketing and distribution associates 
overseas. 

They seek a recently qualified accountant to report at board 
level on their associates in Paris, Madrid, Dusseldori and other 
areas, helping to maintain a high level of financial control, pro- 
viding guidance, and operating to tight time schedules. Visits 

abroad wifl occupy up to one week In four. 

Personal qualities which engender good working relationships, 
and some post qualification experience, are essential. Ideally 
this should indude parent/sateUite structures and American 
reporting systems tat these are not essential. Languages 
helpful. 

In the first instance, please send full c.v„ in clc ding salary to 
Bryan OBver ref. B.1593. 

HAY-MSL Selection and Advertising Limited, 

52 Grosvenor Gardens, London SW1W 0AW. 

t!o Eurcp*, the Americas, Atnca, AusMtUa and Altai 


CONFIDENTIAL ADVERTISING 


Taxation Specialist 

Eagle Star Hokfings has a vacancy at to Head Office in the City of 
London for a qanlified accountant. 

This post provides sot onxBcnc opportunity to gain an ia-depth 
knowfedec of UK and Overseas Taxation within an International 
ipgHttMc Group, and appScaliops are invited front qua Bficd 
afcxoo n tants wirta a mggmmnof croe year's etperience of tararion , 
gained preferably within eftber a professional practice or large 
commercial organisation. 

The cocmiaadns salary will be d ep u klai t upon the experience and 
quafificationg which the successful applicant can bring to the 
appointment, but be within the range of £14^00436,000 p.a- In 
ad diti o n, an attractive benefit packag e is offered and this indudes a 
Do&cootributory pension scheme and a subsidised m ortg a ge sebeme. 
Applicants should submit a full curriculum vitae, to: 

Nc3 McDaW, Pmo nndl Swpcri nte irf cn t, 

Eagle Star Group, Bath Road, Cheltenham, dor. 


Eagle Star 


l/M 



Michael Rage Partnership 

International Recruitment Consultants 
London NewMxk 

Birmingham Manchester Leeds Glasgow 


'—'HIM »l I liln^j 



OIL COMPANY 
ACCOUNTANTS 

Qualified or part qualified 

LONDON atiflOO to £15400 

Amerada Hats (U.K.) Limited, a subsidiary of Amerada Hess Corporation, the world’s ISth 
largest oil company, has been involved in the North Sea since 1963. We are a rapidly 
developing organisation looted in London, with operations bases In Great Yarmouth and 
Aberdeen. 

Excellent career development opportunities now exist for lively young accountants with 
practical experience in a large company or accounting environment. Successful candidates will 
have a thorough grounding in accounting (but need not necessarily be fully qualified). The 
positions are: 

PROJECT ACCOUNTANT 

Reporting to the Senior Accountant responsible for planning and control, you will be 
based in London and will deal with all accounting aspects of project cost control 
including monitoring approvals, preparing regular reports for management and 
explaining variances. You will also be expected to assist in the preparation of short 
and king -term forecasts. 

SITE ACCOUNTANT 

You may well be of tingle status as thh appointment requires rotation between London 
and die operations bases. You w ill carry total, responsibility for accounting for the 
drilling operations In Great Yarmouth or Aberdeen. London responsibilities will 
include all aspects of joint venture accounting and reporting as well as contact with 
partners. 

These appointments require applicants with enthusiasm, adaptability and common sense. 
There are good promotional prospects, including opportunities to move into more specialised 
areas. Salaries will be in the range £10.000 to £15,000 and there is a generous benefits package. 
Applications giving full relevant wscover b great careerwftti 

details should be addressed to; 


P.W. Brown, 

Personnel Manager 
Amerada Hess (UJC.) Limited, 
2 Stephen Street, 

Tottenham Court Road, 
LONDON WIP1PL. 


[RMERRDR1 

HE55 


Chief Acccnmtcmt 

ewea £16f)00 phis car 


Group, with a continuing revenue and profit 
to the Finance Director tor the whote 


requires a Chief 
Management and Cost 


pro fi t ab le development 
are 


A meefium sized ! 

Accountant to be i 
Accounting function. 

This is a career post for a cantfidete who can oontrhite to the Group’s < 
by constructive advice on business results and capital projects. A1 1 
computerised or an integrated basis. 

The succes^ul candidats w3lhaie a recognised quafification and hate at laasr five years axpsrience in 
Industry, covering cash management, budgetary control, management reporting, oonsofttations and 
statutory accounts, together with routine accounting functions. Experience of international trating would 
be an advantage. 

The Group offers exceptional career prospects for devetopment In bath financial and general 
m a n agem en t. The remuneration package, which wR be negotiated to fit the right eanodate, indudes a 
starting salary around (315,000 plus group bonus, a company car and unusually good fringe benefits. 
Afeoso write m complete confidence giving fuK C. V. and pmseat salary to: 

Mr. W.G. Feamtey-WhittingstaM, Profile Management Search, who am advsshg on this appointment, at 
Tabard Chambers, S3 Northgate Street, Gloucester GU 2AJ. 


Pn^Mcoia^nmtSearch 



" ■ ■ '•.v . •. .. 










28 


Accountancy 




Financial Controller 

Publishing 



North Kent c.£ 18 , 000 + car 

Our client is ahi^ily profitable, privatdy owned, tra&and technical publisher^ an iraiyBssive^^ 

smce its inception in 1976. It is entering an cxdtingnewphase of expansi^ both organicallyand^racqiaacion, 

which will culminate in a flotation on the USM in the short term. Tofedlitace this development a Finanaal 
Controller is now sought to head the accounting function. t 

Duties will indude full responsibility far die accounting: and finance function, incorporating the production ot 
management information, budgetary control and new product development profitability. Total involvement m. the 

impending flotation wiU encompass substantial activity covering all aspects of aarounong/aarninistratMMi. 

Reporting to a Joint Managing Director you will be a Chartered Accountant, aged around 30, ideally with previous 
fi nancial experience in a madwting/publishing environment Familiarity with statutory accounting procedures and 
some exposure Co computer devdopment is necessary 

Excellent career prospects exist fora dedicated and outgoing individual with this fast moving progresave company. 
Candidates should write, enclosing a comprehensive curriculum vitae tojohn Sheldrake, Executive Division, 
quoting ref. 105 at PO Box 143, 31 Southampton Row, London WC1B 5HY. 


L_ 



Michael Page Partnership 

International Recruitment Consultants 
London NewYbfk 

Birmingham Manchester Leeds Glasgow 



gmmmmm 


V‘y! 


Brown Bear is being cteVefoped^s a nationwide 

.. * MwnmwhaniHiia mnnonffi imifitrO' wtfvfH ln flt n ri 


Finance 

Director 


opening a 
it £3 


recent £3 milfibti.shauespiacehi^rft.- 
f how require an 
inante function. 


Exciting New 
Superstores Venture 


ine possaon wui iwvb wkju icuiynry toofM u.ic.fiiMo. w „ l 

field of financial - management and Cafe , for spnjeprie;.wi&| :- . 
considerable drive, ambition and firianc^abiffly. - ^ • 


Mid Hants based 

Negotiable c £30,000 
+ profit share 


Applicants should be QuaJffied Accountants r ag^32^ W&fa 
practical financial experience, : frx2LK&^'^ 
computer systems experience, ideally but not essenfiagy in fSaSDij^i'.VGl. 
They should have a keen anaiyfical.mindabte'to identify andevafbate 
investment and profit improvement opportunities and Ihe. abffityip: 
negotiate finance. 


The remuneration package 'wilt Jte fuflyjiegptiabto^ JG ■ 

profit partiapatibn, car and relocation assistance. ^ =■; -i. r 

nr - i 1 ■ m 'm~ m J mm -i ■■ m J/. i. ■7f« .*n I'fO ■ ni«'ni7s»iTFin r nnr T Tfiii fiwin Tif t ln i nl i nnii '* 




£!»■*“' __ 








/ 


Group 
icial Director 


Midlands : from £25,000 


This appointment is to a British public group headquartered in the Midlands with a 
turnover approaching £40 million and now poised for further growth. Products are 
branded consumer durables which are acknowledged leaders in their market sector. 
Over 1 ,500 are employed in several UK subsidiaries. 


Main emphases will be on advising on business strategy, corporate planning, capital 
investment and acquisitions, as well as financial and treasury control. Responsibility 
will be to the Group Managing Director; there is a small Head Office team and 
financial systems are computerised. 


Candidates should be chartered accountants with successful board level financial 
experience in manufacturing industry, preferably consumer products. Age: late 
thirties or forties. 


Salary negotiable; car; usual executive benefits; relocation help. 
Please write - In confidence - to E. I. Clark ref. B.75292. 

TWs appointment is open no men and women. 


HAY-MSL Selection and Advertising Limited, 
Union Chambers, 63 Temple Row, Birmingham B2 5 NS. 

Offices u Grope, tfie tonaricac, Atnc*. Aumtusla and Asia i 





MANAGEMENT SELECTION 


Accountant - European Operations 


Oil Industry 


Age 25-28 


Herefordshire 


Clyde Petroleum pic is a leading 
British independent oil company with 
a spread of international interests 
in both operated and n on-operated 
ventures. 


The successful candidate will ideally 
be a graduate qualified accountant, 
aged 25-28 and with a minimum of 
two years industrial experience, 
preferably in the oil industry. 


A competitive salary will be offered, 
dependent on age and experience. 
The remuneration package also 
includes a company car, non- 
contributory pension and medical 
insurance schemes, and other benefits. 


A qualified accountant is required to 
supplement a small team responsible 
for financial reporting and control 
of the Group’s European exploration 
and production activities. Principal 
duties will include provision of 
management accounting information, 
cost and performance monitoring 
and business planning in respect of 
the Group's interests in the 

Buchan and Balmoral Fields and U.K. 
onshore licences. This is a new 
position offering scope for career 
progression. 


Relocation expenses to Group 
Head Office in this attractive part 
of the country will be met where 
appropriate. 


To apply, please write or telephone: 

Mrs. B. Austin, Clyde Petroleum pic, 
Codtirngtou Court, Coddington, Ledbury, 
Herefordshire HRS 1JL. Tel: 053186 51 L 



CLYDE PETROLEUM pic 


Finance Director 


West of London c.£ 23,000 + car 


Our client, a leading British retailer and wholesaler of casual-wear, has 
maintained ten years of impressive growth and is preparing for further 
business developments, including an imminent USM quotation. 


The finance director is a new appointment, important features erf which 
will be the critical appraisal of long term plans, liaison with the company’s 
bankers and auditors and the establishment of procedures to meet Stock 
Exchange requirements. There is an established accounts department, 
using largely computerised systems. 


Preferred applicants will be chartered accountants, aged 28-35, with 
controller or director level experience in a developing and fast moving 
environment, ideally consumer oriented. Staff and computerised systems 
development experience is essential, as is the ability to contribute 
positively to general management decisions. 



Please address brief personal and career details to Douglas G Mizon 
(Ref. FT/214/M) at: 


EniSt & Whinney Management Consultants, 
Becket House, 1 Lambeth Palace Road, London SE1 7EU. 


Finance and 


Administration 


M anaqer 


c. £12,000 


City Area -EC4- 


Lydiastac part erf the DHLGraup of Companies, is 
the leading telecommunications seivtce and provides 
enhanced Tfefex Services on a worldwide basis. The 
Compary wishes to appoint a qualified Accountant 
male or female, as Finance and Administration Manager 
at their Centra! London offices. 


Reporting to the Managing DirecKx you wifi be 
resporatXe tor the fufl finance and administration services 
of the Compary with emphasis on costing, credit control 
and management acccxrits. \bu will bea key member of 
a small but energetic team where self-motivation counts. 
This is a rewarding position with excellent career 
opportunities wrthinthe DHL worldwide Group; 

This appointment has become aval (able on the 
promotion of the existing finance and Administration 
Manager to a widerjob activity wKhin the Group. 

Please send written applications, containing ftjil 
career and personal details, to; 

R. Napier Personnel Director Lydiastar 
Telecommunications, St John's Place, 37-43 High Street 
Hampton Wick. lOngston-Lpon-Thame^ Surrey KTI 4DA. 




lyDiASlAR TELECOMMUNICATIONS 
PartoftheDHLGroupofCompanies 


FINANCE MANAGER 


c. £15,500 


A major London housing association with some 3,500 
homes under management and a development pro- 
gramme providing about 200 homes a year requires a 
Finance Manager. The association is a registered 
charity and works in two inner London boroughs, each 
with a high degree of housing stress. The association 
has' a revenue budget of over £5 million per annum, 
and a capital expenditure programme totalling over 
£11 million. Its assests exceed £60 million. 


The Finance Manager is responsible to the Director for 
the entire finance function of the association which 
operates with a staff of twelve, and an IBM computer 
installation. As a member of the management team, 
the person appointed will have a central role in the 
overall management of the association. 


Applicants should be qualified accountants with at 
leastjfive years’ experience, have good communication 
and reporting skills, and proven managerial ability. 


Closing date: 16th April 1984. 


Application form and Job description from: 


Jane Hemsley 

Secretary to the Association 
New Islington & Hackney 
Housing Association 




123 Kingsland High Street 
London E8 2PB 


Hew Kington & Hacfcnav 
Hmhn AssocMfoa 


Telephone 01-254 1272 



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technical advfce is available with fri the teabLv"^:*: s’ . J ■■ y\ 

As Air Products prides itself on the efleefiveness of rtsxrtemal corrwunV^, : ’ 

cations, it will be essential that in addition to befog a^)«*l^ sofi^yDu -j; -S' 

will also have the alrflitv to liaise effiecfivelvlBtf afilevelsl > ;.'T: 


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Chief 

Accountants 


£16-20K+Car 


COTf rtued expansion in one of ffa loremoBt Oect ron tc Groups 
in Europe has created job vacancies far qualified creative and 
commard^y minded professionals. 

The Company Is seeking accountants Kith relevant Industrial / 
commercial experience who possess pood leadership and 
cpmnxrtfcaiion skHs aid have sufficient potential and deter- 
mination to aflow them to progress in the Company to the most 
senior levels. 


The vacancies oSar exciting job ocxitent usual targe company 
benefits and assistance with re-tocafion where necessary 
Please wrtew telephone to cSscuss your appflcatkxih strictest 
confidence, quoting Ret V40. 

Mfla Rfichaei Quest Associates 

Execiflfve Selection Consultants, 

596 Oriswick High Road, 


coinkx 

n 


London W45RS. lei: 01-895 3246/7. 






London 


¥■■ jA ■ ? i « ■ ■! • * V • A/.U . • . : V'.. 


Our client, whose head office is xn’VQbst &urey, is a quoted; inteniational 
group of companies, with ahigh growth rate,engaged inffiemtoiufactiHe ’ 
of a variety of products ranging fromdefence eq^pxnenttote^egoods. 

Reporting to the Group Managing Directoi; the appointee will be an 
integral part of the management team and wfll be respcqisible fbr fiie 
evaluation of financial information from fifteen mriri* . The coristant 
updating of systems and assessmertt of liout perfarraance together with 
treasury. 


Candidates must be qualified accotmtants 'and -ick^y busiriess 
graduates in their 30’s who, in addition to well developed ^ biismess 
sense gained in a progressive and profitable ind u stTia L e n vg d ximeiit, 
should have sound general management experience. ; ' >-v 


bracket goes with the position. 

Please apply in writing, quoting reference 82Z4 to Peter Bamett Barnett 
Consulting Group Limited, Providence House, River Street, Windsor, 
Berkshire SL4 1QT Telephone: Windsor 58860. ~ 


| CRT 
i for 


The s 
Accounts > 
Kcoununi 


Appli 
2gCd 30-11 


The r 
A com pin 

Portion ^ 


Please wi 

Officer, € 




Independent Gomnnssion gainst CorrupticHi 
H<xigKbng : ' ;r 



HKS14.010 - HK$18,170p.m. neg. +1K$700 poa alloi^n 


ice - ' 


A qualified professional aocountane is required by- 
thc Commission w head chc Aocountanq? Support - 
Umtof Jo.Opnadons D^arnpiMit. V 

The successful candidate. wiH he responsible far 
coord iapcutf: enquuivs reyardiiig. accountancy 
matters and will provide advice' to the Comr 
mlsstoner, the 'Dtretiocbf Opmdons and sen tot' 
Staff on . finance related matters. 

Applicants should prefarabiy be uver 35 years of 
agv and possess at least 10 years relevant working 
experience ideally with the investigations depart- 
ment of a major professional firm. - •• 


Qtfabcnefityfeidnde low taxaooo;. free medical;:' "- 

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12 days I _ t _ 

ofamanum^ri^ 


standards ~ 
an officer '' 


u - — attendhijr schodfin' 

xiong Koof^^n-dllpivance mar also he ni 
attain circunKtances- for offlaiis wfeae 

are bdngeducatodititheUK. ' ' 


Piumoiion praspecn are pood and a graruitv of 
25’.; of bade sobry Is parable on saiisfacrory 
completion ut 2lz yeata service. .. . 



Application forms mar he obtined; WnW- 
Go^isaiotu: ,: Horr K tmcCcn^iYrttU 
Grafron Str^t, Lcxtdon WIX.3LB* fnter^twtUSr.^;. 
: W«mduaod in London i f. ■ 











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irhaisla 




Accountancy Appointments 




linancial Controller 

Bucks c£J5,000+bonus+cj 

Our diait is a£6 million turnover company and a subsidiary of a major public group. 
The company manufactures and markers higji quality consumer products tor both, 
home and overseas markets. 


Asa key mctnbgoft h c m a n age rs to theMaragingDirectoi; the 

Financial ControDeris mam responsibilities are to effectively control the finance and 
accoundng^unction and provide a high quality management accounting service to 
operational nan a geme nL Candidates, aged 30-40, will have;- 


★ Previous experience in a manufacturing environment. 
★Excellent inter-personal skills at managerial leveL 


profitability Ejxking career prosper exist ibr an individual with proven ability: 

Candid a te s should write endoting a comprehensive curriculum vitae to 
Nifid HopJdnsFGA, Bceaitive Division, quodngreflOZ acFOBox243, 

31 SourhamptonRxjw; London WQB 5HY. 


Michael Page Partnership 

International Recruitment Consultants 
London NewVbrft 

Burafogham Manchester Leeds Glasgow 


• Property Investment/Devetopment Trading • Project Finance 
• UK and Overseas Activities 

CHIEF FINANCIAL ACCOUNTANT 
DYNAMIC PLC 

Central London Substantial 5 figure salary + 

car + excellent fringe benefits 

Join ona of the Stock Market’s star performers in the property sector. Assume corporate 
responsibility for aN Financial Accounting, EDP Development, Company Secretarial 
Functions and Taxation. 


Our Cflsnt: A substantial pic with an impressive 
growth record over peat 7 years. A dynamic, 
flexible, innovative and highly respected small 
top management team, with a proven record of 
success. ■ _ 

Your Opportunity; Work closely with the Finan- 
cial Director and the Board. Play the key rote in . 
taking responsibility for * AH accounting resour- 
ces • EDP Development ♦Company Secretarial 
and Stock Exchange Functions • Taxation 
• Balance sheet and P & L preparation find. 
Group Consolidations) for lax Planning. 


Our Meat Candidate: A professionally qualified 
CAl, possibly AT11, fa late-20s to m id-303, who 
possesses a sound understanding of Property, 
Investment and Financial business transactions. 

An individual who Is precise and enjoys being at 
the centre of decision making on substantial 
capital projects. 

Ybu will be used to intellectual challenge and be 
anxious to use your creative skills and initiative in 
a growth company. 


ACT NOW! U> town more and arrange far an early meeting telephone or write in strict confidence 
to the Group'* Adviser. Me W. L. Gtt {quoting reference 764). Telephone: 01-388 2051 
(Night fine: 01-388 2055). 


M 


MERTON ASSOCIATES (CONSULTANTS) LIMITED, 
Merton House. 70 Grafton Way, London W1 P 5LN 
Executive Search and Management Consultants 


FINANCIAL DIRECTOR 
(DESIGNATE) 


London SW 1 


c. £20,000 + car 


A Financial Director is required by the holding company for a 
medium-size group of companies. Responsibilities will include the 
control, running, motivation and innovation of the accounts function 
for the group. . 

The group currently employs approximately 80 people, and the 
Accounts Section, which is computerised, comprises a qualified 
accountant and 4 supporting staff. 

Applicants reiist be qualified Chartered Accountants, preferably 
aged 30-40, with senior experience in a public or large private company. 

The remuneration package will be in excess of £20,000 per annum . 
..A company car and other benefits commensurate with this level of 
position will be provided. 

Please write, giving full particulars, to RitaMGemp, Personnel 
Office^ Carlyle House, 235-237 Vauxhali Bridge Road, London 
SW1 13f. 01-834 2001. 


Financial Analysis & Planning 

Central London up to £16,000 

Kefco/AH, part of the US chemical and Reporting to the Chief Accountant, the role 

pharmaceutical group Merck & Co, is a offers the opportunity to make a significant 


KeJco/AIL, part of the US chemical and 
pharmaceutical group Merck & Co, is a 
majorsupplier of high-value specialty 
chemicals for wide-ranging food and 
industrial applications. Based in Covent 

Garden, the profitable UK company 
turns overSSOm and is responsible for UK 
R&D and production facilities as well as 
worldwide sales excepting the US. 

This key post will involve the analysis and 
interpretation of worldwide sales data and 
the preparation of financial plans ranging 
from the immediate out to 5 years. There is 
extensive use of mainframe and PC 
facilities, and you will also be involved in 
identifying and developing new systems. 


contribution to the business, and will appeal 
to ambitious, graduate-calibre qualified 
accountants (probably aged late 20s— mid 
30s) with impressive career records — 
ideally including manufacturing experience. 
Salary progression will reward achievement, 
and large-company benefits include non- 
contributory pension, BUM, disability and 
life assurance, plus relocation assistance if 
appropriate. 

Fbr more details and an application form, 
please telephone Peter Vreede, Company 
Personnel Manager, on 01-240 5161, 
ext 233. 


— — — > Top Executives ■ 

earning aver £20,000 ayear 

Qm you afford to waste nearly £2,000amonth in dday? Minsta Exeplivespedalises in solving the 


managed by two or nrorepartw^isyom most effective route to those bcttw-offers,754k of whiefa 

Src never _ _ __ « . ■ r ■ 

Our clients have an ntopres?ive rwxwd of success; manyl^c^ctMnpaiijfisretam.our services m 
the redeployment of their toppeopte. _ , 

TdcphoDeorwriteforaprdiminaiy disaissro tLWitho utobhg atk>n--^rcost. 

MINSTER EXECUTIVE LTD 

28 Bolt onTsi reel, London W1Y 8HB. Tefc 01-493 1309/1085 


Financial 

Accountant 

c £16,500 Plus Banking Benefits 

TS8 Trustcard Limited was established in 1978. It has over two rrtflion 
cartihoiders and a U.K. market share in excess of 13 per cent It is the 
third largest issuer of bank credit cards in the United Kingdom and stifl 
expanding rapidly. 

The company is currently implementing a major development 
programme in setting up its own processing operation. To support this 
growth the company wishes to strengthen its financial department by 
the appointment of a financial accountant 

The financial accountant wiB be responsible for developing, 
implementing and maintaining accounting and budgetary control 
systems and procedures to meet the needs of the business. 

The successful applicant will be a qualified accountant with sacral 
years post qualification experience in a large company with a well 
developed financial organisation. Candidates wffl need to display the 
ability to obtain the commitment of al levels of management and to 
estabfish and manage a financial operation which win develop 
procedures to assist senior management in managing the business. 

In addition to an attractive starting salary, Trustcard offer a wide 
range of benefits including subsidised mortgage, non-contributory 
pension scheme and relocation assistance, if necessary. 

AppTications giving details of career to date to: 


Peter Langston, 

Personnel and Training Executive, 
TSB Trustcard Ltd, 

93-94 Queens Road, Brighton, 
East Sussex, 8N1 3XE. 



FINANCIAL 

CONTROLLER 

INTERNATIONAL BIOTECHNOLOGY GROUP 

A leading international biotechnology group is 
proceeding with plans for the further expansion of 
its specialised activities both in the UJC. and abroad. 
The Financial Controller will initially be responsible 
for the overall financial supervision of the company’s 
equipment manufacturing subsidiary based in Stoke 
Poges, Bucks. In addition, he will be involved at 
Group level in developing the business plans, cash 
control and systems of the company and its associates 
both in the U.K. and overseas . 

Hie successful candidate will preferably be a 
Chartered Accountant with management experience 
and will report to the Managing Director. 

Age preferred: 28-35. Initial location: Stoke Poges, 
Bucks. Excellent salary negotiable. 

Applications in writing, which will be treated in strictest 
confidence, to: 

A. D. Gover, The Managing Director 
62 Grosvenor Street, London W1X 9DA 
Tel: 01-499 0029 


Financial Director 
Designate 

Attractively located close to the M25/N.E. Surrey 
area a privately owned printing company requires a 
Financial Director Designate who would be appointed 
as Chief Accountant and Company Secretary. 

Aiming for a public floatation the company has begun 
a major investment programme to increase sales to 
well over £Z0m end now needs a qualified profit 
orientated accountant fully conversant with com- 
puterised accounting and management information 
systems. Candidates must have operated in a similar 
sized fast moving business with responsibility for 
daily financia and administrative, control. 

There will be a progressive career and remuneration 
package including a car. 

Apply with fully detailed C.V. including current salary 
to: CHAIRMAN, write Box A8541 Financial Times, 

1 0 Cannon Street, London, EC4P 4BY 


, Senior Financial 
Accountant 

FINANCEHOUSE-c£t8A00&.SUBSIDISED MORTGAGE 
THAMES VALLEY 

This is an opportunity for a qualified accountant to 
join a substantial and successful company involved in the 
provision of industrial and consumer finance. 

Reporting to the Finance Director, yon will be 
responsible for the total financial and management 
accounting function. Success in this position could lead 
to a board appointment. 

Ideally aged 35—45, you will already have gained 
extensive experience in a similar organisation. 

Please send concise ctetails including a day time telephone 
number immediately to:- 

hewitt management selection, 

183 Ashley Road, Hale, Cheshire WA15 9SD. 

Tel: 061 928 3664 ) 


PRINCIPAL AUDITOR 

Grade P05 - £14,022-£ 15,336 

This post heads the Audit Section and its prime objective 
b to organise, plan and control audit resources in an 
efficient manner in order to meet the target set in 
Croydon's audit manual. 

The successful applicant must be able to lead and motivate 
a multi-disciplined section. Experience in a large local 
authority preferred. 

For an informal discussion please contact Mr R. S. Block, 
Assistant Director, on 01-686 4433, extn. 2557. Applica- 
tions should be sent to Director of Finance. Municipal 
Offices, Fell Road, Croydon, 5urrey CR9 IBQ. by April 2nd 
1984. 


r Partnership 

Management * Senior Staff 

Hays Allan believes in success based on outstanding personal 
capability: Our emphasis on high standards, professionalism and the 
importance of CSent/Partner relationships has contributed to a rapidly 
expanding practice - both in London and the regions. 

Today, 24 partners oversee a practice embracing the broadest range of 
clients from private badhriduals to substantial public corporations. 

The challenges of our practice and our policy of grooming tomorrow's 
partners from within represent considerable opportunities for aH 
qualified candidates. 

Partner-Designate - Reading 

To assist the resident partner in the management of the expanding 
general practice. Ideally will be aged 28-35, with appropriate experience 
in a large or medium sized firm. Salary negotiable. 

Corporate Tax Manager - London 

A challenging opportunity for a corporate specialist with proven 
supervisory/management ability, probably a Chartered Accountant in 
late-twenties to early thirties. Salary to £1 8,000. 

Senior Mainstream Audit Manager - London 

Reporting directly to the partners, this fairly senior manager wit! have 
been qualified approximately 4-6 years and have had previous 
managerial experience in a large or medium sized firm. Salary £1 5,000-£1 6,000. 

Management Services Group - London 

a) General Practice Manager 

The candidate will have been qualified for at least 27z years and should 
have experience of incomplete records, accounts preparation, advising 
clients on book-keeping and routine accounting matters. Salary will be 
commensurate with experience. 

b) General Practice Senior 

The senior will be recently qualified and have received good general 
practice experience. Possible promotion to manager. Salary£10,500-£11,500. 

If you are seeking a rewarding career in an expanding practice and you 
possess both the skills and the professional commitment we require, 
please write to B.R. Addison at the address below outlining your career 
history and qualifications. 

[HP^Hays Allan 

Southampton House, 317 High Holbom, London WC1V 7NL. 


London * Cambridge * Exeter * Reading 


PUBLIC SECTOR 
CONSULTANCY 

To £25j000 + Cor 

London 

Our effent, * leading firm of management consultants, seeks ^ 
highly motivated and intelligent accountants aged 26—35 with 
public sector experience. Assignments are varied and 
stimulating and the firm will provide continuing training and 
development. The CIPFA qualification would be particularly 
appropriate. REF: DES. 

CONTROLLER 

BANKING 

c £17,000 +■ Car + Benefit* 

City 

This general management appointment with a leading institu- 
tion requires the skills of a graduate ACA who can 
demonstrate a sound knowledge of the finance sector. 
Responsibilities include management reporting, systems 
development and the review of acquisition and Joint venture 
projects. REF: DE. 

MANAGEMENT 

CONSULTING 

To £15400 

London & Birmingham 

If you are a newly qualified Chartered Accountant with first 
time passes, trained with one of the leading firms and have an 
excellent degree from a prime University, your optimum 
career path could be with our clients, a major firm of Manage- 
ment Consultants. REF: DES. 

INTERNATIONAL 

BANKING 

c £14^00 + Benefits 

City 

An excellent opportunity to enter the world of international 
finance. The requirement is for a young A.CA. with a good 
appreciation of EDP matters, some knowledge of banking and 
the ability to control a number of special projects. REF: MJH. I 


GROUP 

FINANCE 

e £13,000 
Home Counties 


A career orientated position at the centre of a diverse 
manufacturing and service organisation. Group reporting, 
corporate planning and profitability investigations feature 
highly and the role is ideally suited to a recently qualified 
and highly ambitious ACA. REF MJH. 




Wte ref kite finn w rW sdertfo n sendee 
Cdhp m Cl«nb«rc,23 CoBegeffl, lmim EUR HlttOI 248 7851/8 (M boors) 


MANAGEMENT 

ACCOUNTANT 

A career step worth Age C25-35 

up to £13,500 pa. 

My Essex based client can offer a career opportunity to a young qua/iff ed Management 
Accountant 

Responsibilities wifi involve leading a small team which provides a service to line management at 
one of the company’s production units. 

Candidates (m/f) must be ACMA/ACCA and have gained at least a couple of years’ relevant 
experience in a manufacturing company. Equally important is attention to detail, well developed 
— communication skills and the ability to gain toe respect of 

, — J] 9 managers on site and at H.Q. 

. Salary mil be up to £13,500 pa and could be more for an 

V jf y ^ exceptional candidate. Other big company benefits will 

V apply including assistance with relocation to an area oiler - 

_ / A / 1 Ing reasonably priced housing. Success in this role could 

v Jr \Jm J earn promotion in 2-3 years. 

^ Full details of Me, experience and current salary should 
F |/ ML. M be sent in confidence to RPH Associates, Recruitment 

MM y Consultants, Central House.Ongar, Essex CM5 9AA or 

ASSOCIATES ca " 0277 - 364727(24hra )- 


CROYDON. 

An equal opportunity employer r 



Tax Accountant 


London 


c£14,500 + car 


Our client, a British independent oil company 
with expanding worldwide on and offshore 
exploration and production interests, seeks 
an assistant to the Tax Manager. 

Wforfdng closely with him, the varied tasks 
wtil cover corporation tax and PRT compliance 

work, tax planning and advice and 

evaluating the tax implications 

of future developments 
and acquisitions. 



Management 


Applicants should preferably be qualified 
accountants aged under 30. Oil tax 
experience, whilst advantageous, is not 
essential. More important are a sound 
knowledge of corporation tax, gained either 
in the profession or commerce, and the 
ability and enthusiasm to learn quickly. 

Contact David Tod BSc, FCA 
on 01-405 3499 

quoting ref D/53/AF 


7 25. High Holbom London WClV 6QA Selection Consultants " 01-405 3499- 















International 




Milano 

Liza 50 znilioni + automobile 

Una ddlspluimportanti agunzie di pubblidtaaUveIlointq mJz io nalff . efae opera in dtretrOTta paesi e vartta 


DIRETTORE FINANZ1ARK) 

da piepono alia sezionsimamaoxia deQ'agenzia di Milano, die svfluppaun fattuxato annuo di dzca20 nrifionidi 


dollaii. 


Delegate della sede locals, esaraimpegnato neffaitivita giom alie i a dell'agenzuL Dott& rispondeie al Direttore 
Finanziano miropeo, aFrancoforte. 

^^u>^f^ prtiwMderaimaspiocatapecRacoali1^peroperaiBo fficaoa me!nteatuttiflive]li.edgyepoter 
^imnaha n) rrowtfrttft a ^namigmo. fi essenziale una fauona conosce m za cteHitaliano e delTingieae, coma puna 


flKinta mi^Hniwpmj^i^miriarBimdflttaqiigtocuniculmTilaeiniTiqteMa Hl d ia rdNi»<4»aaF.CA,oa 
fy»TO«w t al nfwh nrnitiriTZBdiLondia. citaxxlo jlnmnero dirilmimanta 4429. 


410 Strand, London WC2R ONS. Tel: 01-836 9501 
26 West Nile Street, Glasgow G1 2PF. Tel: 041-226 3101 
3 Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744 


DougtoUombiasAaMdcles United 

Accountancy & Management 

Recruitment Comukants 


International Economist 

South Africa 


The Nedbank Group to the largest South African owned banking group, with assets approxbnating' 910 000 mlUJon. 

The Group has an impressive record, both in terms of profitability ana growth, and is committed to a programme of 

continued expansion. 

To join our Economic Unit we are seeking a proven professional to take responsibility for monitoring, analysing and 
forecasting of international economic and financial trends. 

As part of a team of economists, the selected candidate will also be closely Involved in forecasting trends in the South 
African balance of payments, as well as In doing country risk assesments. 

The ideal applicant, aged mid-twenties to mid-thirties, will have an honours or post-graduate qualification in economics 
supported by several years' experience in an economic research environment preferably with a bank, stockbroker of 

other financial Institution. 

Good communication skills will be Important, as this post also calls Tor the regular writing of articles In GrOiip 
economic publications and presentations to Group management and clients. 

This challenging position offers a negotiable remuneration package, plus exceptional scope for personal achievement 

and advancement. 

Initial Interviews will be held In London where foil details of relocation expenses and other benefits will be furnished. 

Interested applicants are fovfted to telephone Mr. Ken Wenden on (01) 623-1077 or write Immediately to him at 
Nedbank limited, Nedbank House, 20 Abchureh Lane, London EC4 N7 AD. 

ft NEDBANK 


Nedbank limited Registered Commercial Bank 



Corp 


for a wide 


■ .. ,.r i * r- , •> 1 1 - 1 1 


50,000 people, operates 146 piants, 20 _ __ _ . . — . . . . . , 

offices In 65 cpuntricsL The company to well positioned in Bie che mical Mtshies3> 
plans to become a mz^jor factor in biological sdences^arid to broadening Its 
activities In such fields as control systems, electronic materials andfabricated 

products. • ,• - Z-. j V 

Monsanto's operations in Europe, Middle Eastand Africa arc directed ffom ancT ^ 
coordinated by Monsanto Europe SiA. r Brussels; Belgium. " j > 

The new appointment cqnstlbites an excellent opportunity for .a laiiqw 
move to a developing b uslness environment. • 1 Z-Z y'-'~: v Z -i- T- y 


academic qualifications and approximately five to ten years experience, •P™**® 1 ". 
iri International legal practice. Fluency in English is a prercqulstte^Knowled^ of 
more than one legal system and command of one or more otherEuropean • - ; 

languages w01 be significant advantages,. . V- w.-i' V- f; 


different operatingiinits m different countries. 




OPPORTUNITY IN 
INVESTMENT 
MANAGEMENT 

In fine with growth of funds under management, BT Australia 
Limited, one of Australia’s leading merchant banks and manager 
of AJ1J7 bn lion in pension funds, is seeking an 

EXPERIENCED 
PORTFOLIO MANAGER 

to join its ' performance oriented Investment management team. 
The person will have an economics degree or similar qualifications 
and a successful record in the securities industry. The appointee 
will participate in the department’s in-depdi investment research 
effort and also assume portfolio management responsibilities. 

It is envisaged -that the appointee will be in die 25-35 years 
age group, although outstanding applicants outside this range 
will be considered. A very attractive remuneration package is. 
negotiable and indudes an incentive bonus scheme. 

Applications will be treated in die strictest confidence and 
should be addressed to: 

The Investment Director, 

BT Anstralb United, 

Level 40, A us trali a Square, 

Sydney, N5.W. 2000, Australia. 


INTERNATIONAL APPOINTMENTS 
APPEAR EVERY THLftSDAY 
Rate £34.50 Per Single Column Centimetre 


i. Co. Limited 


Members of Canada's Principal Stock Exchanges; 
• :,’ 4 ? ; Is seeking a ;£,v j : 

EUROPEAN REPRESENTATIVE V 


Applicants Tnust alreadys1^aye2n istai>lfsftfei$ 
reputation with .. U.K. - and continental 
institutions. The successful' «andidat» r tb 
“based In Toronto, wifl '^aye the 


M5H3M3 





The Royal Hong Kong Jockey Club 


Corporate Audit Manager 

Negotiable around £23,000 pa 
plus free furnished accommodation etc 

The Royal Hong Kong Jockey Club is a leading Hong Kong institution responsible for the 
administration of all legal gaming activities in Hong Kong, the provision and control of 
horse-racing at two racecourses, and social and recreational amenities for some 10,000 
members. Betting facilities are provided both on and off course, and turnover is currently in 
excess of £1 ,200m per annum. Net assets exceed £1Q5m. Much of the surplus after tax 
(£48m in 1983) is donated to charitable projects. 

The Corporate Audit Manager reports to the Audit Controller and is responsible for the 
management of the CHib's Corporate Audit Section, which conducts financial, administrative 
and operational audit reviews throughout the Club and its subsidiaries. In addition to 
controlling around 30 full-time and 1 5 part-time staff, the incumbent wOl deputise for the Audit 
Controller during periods of absence. 

The ideal applicant: 

■* will be professionally qualified with preferablyagood university degree 

★ must have at least 8 years directly relevant experience, gained in industry or commerce 

★ mu st be able to demonstrate a successful track record in internal audit management 

★ must have experience in auditing computer systems - 

Individuals under 35 years of age are unlikely to possess the experience and maturity 
required for this position. 

Salary is negotiable around HKS270.000 pa plus substantial expatriate benefits and Club 
membership. Current Hong Kong personal taxation is equivalent to 18.7%. 

Please write fully— in confidence -to Cofei Bexon ref. B. 17381. 

HAY-MSL Selection and Advertising Limited, 

52 Grosvenor Gardens, London SW1W0AW. 

1 OOcas In Eurvpa. Vie Americas. Mtka.AuwtrwtxBm ml A** PxMa. 




, T .M,\rTHd, 


MARKETING DIRECTOR 

PROFESSIONAL PRODUCTS DIVISION 


COMPANY: ' 

The Middle East Regional Office of a leading multi-national Pharmaceutical Compare 
having overall management and marketing responsibility for a. range of pharmaceutical 
and proprietary products. 

LOCATION: 

Athens - Greece. 

REPORTS TO: 

General Manager, Middle East Region. 

THEJOB: 

— Complete responsibility for marketing and sales activities on total MidfBe - East 
territory basis assisted by product management and sales administration staff. 

— Close coordination with Company’s assigned distributors and Eaison with various 
supply locations towards maximization of sales and profits. 

— Participation in the formulation of Company’s marketing and sales promotion 
plans as well as assisting general management in operating plan submissions. 

— Effective planning of new product introductions despite increasing registration 
constraints. 

— Development and expansion of Company’s overall sales effort through emphasis 
on training of sales force and field management. 

THE CANDIDATE: 

— Pharmacist degree or similar specialization. 

— Proven experience in the pharmaceutical industry relative to Marketing/Brand 
Management and Sales functions. 

— Communication skills are essential with fluency in English. Arabics definite 
advantage. 

— An Arab National is desirable. Previous experience in a similar capacity in the - . 
Middle-East is essential. 

— Mature, dynamic individual with a positive personality up to 45 years of age with 
proven ability to work independently. 

COMPENSATION: 

Attractive basic salary and allowance, benefit programme plus Company car erne 
offered. 

Interested candidates meeting above requirements are invited to mail their Resume 
with mailing address and telephone number to the following address. 

LEO BURNETT ADVERTISING SA 

IS, ACADEMIAS 5T. - 106 71, ATHENS GREECE 
AD applications will be treated in strict confidentiality. 


FINANCIAL CONTROLLER 

Southern Africa 

We are seeking a financial controller — ideally a 
chartered accountant with senior management 
experience in banking able to oversee the progress 
of bank loans to indigenous companies operating 
in a developing country — to work for a National 
Development Bank. Applicants should be Common 
Market nationals prepared to work in Southern Africa 
for two years starting at the beginning of May 1984. 
A salary of £18,000 a year Is envisaged for the right 
applicant plus £9,000 a year expenses, tax-free. 
Though not essential, French would be usefuL 

Please write to: 

Deborah Russell 

METRA CONSULTING GROUP LTD. 

St Mary’s House __ 

sms sr metro 


IMPORTANT COMPANY IN TflE WINE TRANE 

REQUIRE 

FINANCIAL DIRECTOR 

WE REQUIRE: 

1. Five years’ experience in similar position, preferably with a 
multi-national company. 

2. Chartered Accountant or similar degree, 

3. Fluent English and Spanish. 

L Age between 35-45. 

WE OFFER: 

1. Salary commensurate with responsibility. 

2. Reporting directly to the Director General. 

3. Company car. 

4. A company which Is * member of an International Group. 


The company to (iWM m Jeraz da la Front***, 
Cadiz 

Pteat0 write tv Ah curriculum vitae with reference 
SMP/CV n: 

ERNST & WHlNNEY. 

C/ ALBERTO ALCOCCR, 24, MAORI D-M 


GENERAL MANAGER 

. BANKING - CAYMAN ISLANDS ; 

A newly established Cayman Island Bank requires an' experienced 
Merchant Banker as General Manager. Applicants should have 
all round experience of investments, Eurobonds and Corporate 
Finance. Preferred age 35-45. An excellent remuneration package 
together with first class accommodation b offered. ' 

Please reply la confidence en doting a detailed C.V. to: 

Box A8539, Financial Times 
10 Cannon Street. London EC4P 4BY " 


EMPLOYMENT CONDITIONS 
ABROAD LIMITED 

An International Association of Employers providing confidential 
information to its member organisations, not individuals, relating to 
•employment of expatriates and nationals worldwide. 

01-637 7604 



& I stfJJRJ 8 f r%j 9s 


New York bank-wlth extensive -Middfo East com* 
mrtmeut seeks ' qualified Individual .to: Join as an 
Intern atlonil Business D evelopment Offi cer. ^ Suc- 
cessful candidate Wlil have 5-10 years ^ interna- 
tional corporate, correspondent and tyndicated 
len ding experience, and possess good administrative 
and marketing skills. ^ . ; ,7 ; . ‘ •/ 

Fluency in English/Arabic required. ; : 

U5A residency status a^ritoisfe- 

Send GV. and salary history to; '... . . .. % 

Box MBWF 3589 * — 

261 Madison. Avenue - > ^ . 

New York; New York 1001$ USA. 0 . 

An equal opportunity empfoyer m/f/h ' “t ' 


MINING ANALYST 

BT Australia Limited, one of Australia’s leading merchant banka 
and. manager of A51.7 bHiion in penstoiL funds, is seeking an 

EXPERIENCED 
MINING ANALVGt ' 

to joiii. its performance , oriented investment management team. 
A prime requisite is a - mining qualification - with- experience 
In the securities industry . desirable- but' not necessary: The 
appointee will participate In tho' dopirtmene’s fn-depdk- (n- 
vestmenr research effort and also assume portfolio management 
responsibifities. - 

It is envisaged that the appoki tea. will Ifo- in the 25-35 years' 
age group, although outstanding applicants, outside;. this: range 
will be considered- A .very attractive remuneration' package' to 
negotiable and indudes an mcentive bonus scheme. . . * 

Applications will be treated in - the > strictest confidence: and 
should ee addressed to; . . • • 

The Inve s tment. Director, -1 ■ " ' ; y f 

• ’ ; Australia Limited^ ■' V-- '• 

Level 40, Atatrteiai' Square, ' 

Sydney, US. W. 2000, Australia:- ' : ■ / 


T(.) P MX EC L T! V i 
API’OiMMEMS 


from Cl 7.4)00 tn .'.JOJIOU 



yp. *** 















31 


HBV YORK STOCK EXCHANGE 32-34 
AMBBCAN STOCK EXCHANGE 33-34 
US. QV£ft-Tl£-GWfTER 34, 42 
WORLD STOCK MARKEI5 34 «. 
UMDOff STOCK EXCHANGE 35-37 
UWT TRUSTS 38-39 . 

commodities 40 cubhemks4i 

jWTETOiATTOHAL CAPITAL MARKETS 42 


SECTION m - INTERNATIONAL MARKETS 

FINANCIAL TIMES 

Thursday March 22 1984 


Dairy fanners campaign 
against tough 
EEC plans, Page 40 


KEY MARKET MONITORS 



STOCK MARKET MOKES 


HEW YORK 

March 2t 

ftmtous 

Year ago 

Dj Industrials 

1170.85 

1175.77 

112539 

DJ Transport 

515.84 

51648 

50850 

DJUWties 

128.87 

12759 

126-02 

SAP Composite 

158.66 

158.86 

15156 





FT Ind Orel 

901,4 

8875 

6543 

FT-SE100 

im? 

11235 

8693 

FT-A A0-3hare 

531.0 

528.2 

41039 

FT-A500 

57775 

574.63 

44236 

FT Gold mines 

690 i) 

700.4 

5493 

FT-A Long git 

10.10 

10.10 

11.44 

TOKYO 




Nikket-Dow 

10413.88 

104795 

8234.9 

Tokyo SE 

816,95 

mwi 

60659 

AUSTRALIA 




AHOrd. 

729.6 

732.0 

5028 

Metals A Mins. 

507.8 

5062 

455.1 

AUSTRIA 




Credit Aktien 

55.1 

55.15 

5277 

BELGIUM 




Belgian SE 

144,8 

14457 

111.75 

CANADA 




Toronto 

Composite 

sms 

24077 

21120 

Industrials ■ 

434.85 

434.16 

35739 

Combined 

40979 

40957 

351.42 

DENMARK 




Copenhagen SE 

188.46 

191.4 

12638 

FRANCE 




CAC Gen 

161.4 

1605 

110.7 

Ind. Tendance 

1037 

108.7 

68.6 

WBST GERMANY 




FAZ-Akttan 

351.39 

35136 

285.05 

Commerzbank 

10329 

10323 

8583 

lump mug 




Hang Seng 

115779 

1169.12 ' 

955.11 

ITALY • J 




Banco. Comm. . 

223.13 

22237 

21453 

ANP-C8S Gen 

161.4 

160.5 

1173 

ANP-CBS Ind 

131.6 

1325. 

1017 

NORWAY 


- 


OstoSE 

2565 

25433 

14631 

SINGAPORE 




Straits Times 

1013.62 

1007.75 

B4732 

SOUTH AFRICA 




Golds 

1052.9 

10523 

7113 

Industrials 

10794) 

10745 

841.1 

SPAM 




Madrid SE 

116.8 

116.63 

. 110.47 

SWORN 




JAP 

1524.0 

1515.73 

130536 

SWTZSRLAND 




Swiss Bank Ind 

366.3 

3665 

3073 

WORLD . 

Mweftao 

Prev 

Year ago 

Capital kit 1 ! 

1887 

185.7 

163.5 

GOLD (per ounce) 


March 2! Pror 


London 

$38225 

$393.00 

Frankfurt 

$39230 

$394.00 

ZGrich 

539235 

$393.75 

Paris (fixing) 

$391.81 

$39271 

Luxembourg (fixing) 

£39240 

$39455 

New Yoric (March) 

5333.20 

5394 30 


• Utmst Ava M*} flgurs 


CURRENCIES 


ULS. DOLLAR STERLING 


(London) 

March Zt 

Previous 

March?? 

Previous 

S 

- 

- 

1.43 

1.4375 

DM 

26475 

26365 

3.7875 

3.7925 

Yen 

226.75 

225.9 

324.5 

3255 

FFr 

8.1525 

8.1225 

11.655 

11575 

SwFr 

2176 

2165 

3.115 

3.115 

GuHder 

2988 

2974 

4375 

43875 

Lira 

1636.5 

16325 

23395 

2346.0 

BFr 

54.13 

5353 

774 

7755 

CS 

13787 

1376 

1325 

1533 


1 


March 21 

Pro* ' 

(3-month offered rale) 




£ 


8'%. 

8% 

SwFr 


3’%. 

3’%* 

DM 


5’¥i» 

5% 

FFr 

14% 

15% 

FT London latadwikfixfaig 



(offered rate) 




3-fnonih U-S.S 

10% 

10’ Y.. 

6-month U55 

11V,. 

11 

UA Fed Funds 

10%. 

10%. 

U.S-3-mofltiiCOs 

1050 

1035 

ILL 3-month T-btos 


9.83 

9.79 

TOHEECZMHri 

Treasury March 21 • 

Pro* 

Prtoe 

YMd 

Price 

Yield 

10% 1968 99 ’Ar 

11.44 

99%* 

1156 

11* 1991 97%* 

1234 


1232 

11.75 1993 96%* 

1241 

96'%? 

12.41 

12 2013 96% 

1250 

95*%* 

1252 

Corporate March 21* 

Prev 

AT&T Price 

Yield 

Price 

Yield 

10% June 1990 91 

1250 

91% 

1240 

3% July 1990 69 

10.81 

68% 

10.85 

8% May 2000 71% 

13 

71 It 

13 

Xerox 




10% March 1993 88% 

1275 

88% 

1275 

Diamond Shamrock 




10% May 1993 87 

13.10 

87 

13.10 

Federated Dept Stores 




10% May 2013 W>* 

1330 

80% 

1350 

Abbot Lab 




1150 Feb 2013 89% 

1330 

89% 

1330 

Alcoa 




1214 Dec 2012 91 

1350 

91 

1350 

iMEczzzazizzawM 

CHICAGO tau M High 

Low 

Pro* 

8% 32nds of 100% 



March 86-31 

67-04 

66-25 

66-28 

U 4 . Ttoaainy Mb (HAM) 



Sim points of 100% 




March . 8957 

89.11 

8956 

8957 

CartMtcatae of DeposK (HM) 


$1m points of 100% 




March 8952 

89.66 


8954 

LONDON 




Three month EurodoBar 



Sim points of 100% 


- 


June 89.02 

8953 

8857 

8950 


20-year National CBt 

£50,000 32ndS of 100% 

March 109-25 109-25 109-20 109-19 


COMMODITIES 


(Lortont March 21 Pro* 

Silver (spot (facing) 68855p 682.75p 

Copper (cash) £106055 £1045.00 

Coffee (March) £214250 £211250 

08 (spot Arabian light) $28.45 *28.45 


WALL STREET 

Fed credit 
policies 
hold key 

THE prospects for a tightening in Feder- 
al Reserve credit policies continued to 
overshadow the Wall Street financial 
markets yesterday as the key federal 
funds rate remained resolutely above 
the 10 per cent level, writes Terry By- 
land in New York. 

The credit markets braced themselves 
for today’s announcement of money sup- 
ply totals which are expected to show 
another sharp jump in Ml. 

Bond prices opened higher, helped 
both by technical short covering and by 
the expectation that prices will be forced 
higher next week when the Treasury 
proceeds with its $15bn mini-refunding 
programme. But retail support re- 
mained very thin. 

The institutions continued to play a 
cautious role in the stock market and 
early gains in leading stocks soon 
brought out a few profit-takers. 

The stock market was sluggish for 
most of the session with selling increas- 
ing in the final half hour. The Dow 
Jones industrial average ended with a 
fall of 4.92 points at 1,170.85 on turnover 
of 67.6m shares. 

The debate over the strength of the 
economy and thus over the likely poli- 
cies of the Fed continued, with some an- 
alysts suggesting that the Fed may have 
already tightens! policy. Federal funds 
touched 10% per cent yesterday before 
the Fed announced another $1.5bn in 
customer repurchases. 

Hie market fears a rise of as much as 
$3bn in Ml for the latest reporting week, 
bringing in its train a rise of % or even 
one hill point in the Federal Reserve dis- 
count rate, which has stood at 8 % per 
cent for more than a year. 

Features in the stock market included 
Walt Disney, the film and entertainment 
group, which jumped a further $2% to 
$63% in heavy trading, despite a denial 
from the company of any bid approach 
from Mr Rupert Murdoch. Analysts are 
inclined to disbelieve the Murdoch ru- 
mours, but the stock has benefited re- 
cently both from hopes of a bid and from 
reports, of box office success for Disney's 
latest film. 

Republic Steel gained $3% to $29% af- 
ter both Republic and LTV signed a con- 
sent decree which opens the way tor 
clearance from the Justice Department 
for a modified version of the merger 
plan. 

It was a busy session for the tele- 
phone sector, although AT&T shaded 
down $% to $16% after its dividend dec- 
laration. 

The Federal Communications Com- 
mission said it was delaying its final de- 
cision on access charges, a move wel- 
comed by the AT&T board which has pe- 
titioned against the proposed charges. 

Hie actives list was again headed by 
Gulf, which was up $2% to $75%. Turn- 
over of well over lm shares reflected the 
progress of the takeover by Standard Oil 
of California. 

There was speculative activity among 
oil service issues. Schlumberger, the 
Franco-U-S. group which dominates the 
oil search technology sector, eased $% to 
$51%. 

The credit markets looked steadier af- 
ter several market analysts had support- 
ed the view of Mr Martin Feldstein, 
Chairman of the Council of Economic 
Advisers to the President, who said that 
the sharp jump in the Commerce De- 
partment’s flash GNP estimate for the 
first quarter might be "overstating" the 
strength of the U.S. economy. 


Treasury bill rates edged higher but 
this sector was more subdued than of 
late. The three-month T-bill was dis- 
counted at 9.82 per cent, two basis points 
up, with the six-month discount three 
basis points up at 9.91 per cent. 

Hie bond market, led by a trimming 
in yields on the new issues which come 
to market next week, was in better form. 
The key 12 per cent long bond traded at 
95*%:. a gain of %=, to yield 12.52 per 
cent 

LONDON 

US. AND DOMESTIC demand for se- 
lected leading issues in London took the 
FT Industrial Ordinary share index 
through the 900 level for the first time to 
close up 3 at 901.4 - just over 10 weeks 
after the index breached the 800 barrier. 
The FT SE-100 index added 7.4 to 1,130.7. 

Most of the day’s activity took place in 
the early dealings and once initial de- 
mand had been satisfied, leading indus- 
trials tended to drift a shade. 

Disappointing preliminary figures left 
index constituent B1CC down 17p to 
268p, after 265p. But Hawker Siddeley 
encountered aggressive American de- 
mand and closed lOp higher at 434p. 

Gilt-edged securities traded on an ex- 
tremely cautious note. The trend was 
slightly easier initially, but encouraged 
by the absence of any selling, quotations 
picked up to close a fraction harder on 
the day throughout the list 

Chief price changes. Page 34; De- 
tails , Page 35; Share information ser- 
vice, Pages 36-37. 

HONG KONG 

LATE institutional profit-taking left 
shares easier in Hong Kong as the mar- 
ket experienced firm resistance to a 
Hang Seng index above the 1,160 leveL 

The measure fell back 11.83 during 
the moderately active half-day session 
to end at 1,157.29. 

Trading in newly listed electronics 
manufacturer Elec & Eltec, inflated vol- 
ume. The share, which was 84 times 
oversubscribed, rose sharply from its 
HK$2 issue price to end the day at 
HKS3.425. 

SINGAPORE 

PRICE movements were exaggerated by 
♦bin turnover in Singapore with the 
market still larking direction. The 
Straits Times index ended 5.87 higher at 
1,013.62, although declining shares 
slightly outpaced rises. 

Commodities was the only sector to 
show a dearly firmer tone as major tin 
issues began to reflect the improved 
prices seen among the sm alle r compa- 
nies. Berjuntai added 44 cents to SS5.30. 

AUSTRALIA 

EARLY gains were given back in Syd- 
ney as expected foreign demand failed 
to materialise and shares dosed easier 
on the day. 

Turnover was, however, heavy and 
this was attributed to the sale by Amatil 
of its 73 per cent share of Fibre Contain- 
ers at AS4 a share to Smorgon Consoli- 
dated Industries. 

SOUTH AFRICA 

GOLD shares ended narrowly mixed in 
Johannesburg in the absence of a lead 
from the bullion price while among min- 
ing financials, Anglo American added 20 
cento to R24.90 after a high of R25.25. 

Industrials were mixed, though with a 
firmer bias. 

CANADA 

SMALL early gains were later absorbed 
in Toronto as the market turned down 
led by golds and the oil gas sector. How- 
ever, base metals and minerals re- 
mained higher. 

In Montreal, steady to firmer industri- 
als and utilities more than offset weak- 
ness in banks and papers. 


EUROPE 

U.S. trends 
at centre of 
attention 

CONTINENTAL European bourses were 
largely mixed yesterday with investors 
ignoring the record breaking mood in 
London and seemingly content to keep a 
cautious eye on events on Wall Street 

Frankfurt was affected by a batch of 
varied corporate results and unease over 
the failure of EEC leaders to Teach 
agreement on farm and budget policy. 
The Commerzbank index finished 0.6 up 
at 1,032-9. 

Bayerische Vereins bank’s intention to 
increase its dividend by DM 1 to DM 11 
gave the market a late boost on the 
hopes that other major banks would 
raise their payout Bayer-Verein fin- 
ished DM 1.50 ahead at DM 348, while 
Deutsche Bank was DM 2.90 up at DM 

387.70. 

Siemens also featured with a DM 9.60 
gain to DM 417.90, a DM 24 rise in the 
past month, while BASF put on DM 1 to 
DM 166.40 ahead of results due today. 

In steels, Klockner was steady at DM 
64 despite as higher trading loss for last- 
year. 

Bonds continued to slide as the Bun- 
desbank bought DM 80.9m in paper to 
■balance the Frankfurt market alone 
against DM 41.6m the previous session. 

Net Government borrowing last year 
was revealed at DM 9.4bn less than orig- 
inally planned, while February M3 rose 
an annualised 22 per cent 

Internationals were favoured in quiet 
Amsterdam trading with the ANP-CBS 
general index 0.9 higher at 161.4. 

Royal Dutch added FL 2.30 to FL 152, 
Unilever gained FI 2.50 to FI 255.50 and 
Philips rose FI 1.20 to FL 47.20. 

Elsevier led publishers with a FI 5 im- 
provement to FI 560 and brewer Heinek- 
en finish ed 70 cents stronger at FI 

140.70. 

An active banking sector saw NMB 
score as FI 4 gain to FI 160 and ABN rise 
FI 3 to FI 396 as interbank interest rates 
eased by up to % percentage point with 
call money down to 6-6% per cent, and 
the one-month rate % lower to 6%-6% per 
cent 

Bonds fluctuated narrowly in mixed 
nervous trading amid concern that Euro- 
pean interest would emulate U.S. move- 
ments. 

Technical selling in Plans ahead of to- 
day’s monthly settlement was partly off- 
set by a % percentage point cut in the 
call money rate to 12% per cent and Wall 
Street’s late overnight rebound. 

Thomson CSF gained FFr 6 to FFr 312 
ahead of its plan to raise FFr 1 bn of 
bonds convertible into shares, while its 
parent, Thomson SA, will seek 
FFr 2.35bn. 

Matra managed one of the best gains 
of the day, FFr 54 up at FFr 1,399, al- 
though LOreal rose FFr 50 to FFr 2,260. 

Corporate bankruptcies fell 2.3 per 
cent to 1,915 during February, while 
housing starts in the last quarter of 1983 
contracted by 10.1 per cent 

Flat trading in Brussels revealed few 
features. Market leader Petrofina shed 
BFr 80 to BFr 7,250 although Electrobel 
finished with a BFr 120 gain to 
BFr 6,170. 

Chemical stories were firmer with Sol- 
vay BFr 45 up at BFr 3,995 although the 
lack of institutional interest was evident 
throughout the market 

Currency support for the week ending 
March 19 amounted to BFr 10.4bn - 
against BFr ll-2bn the previous week - 
while a discount rate increase is not ex- 
pected. 

Banks led an easier Zurich as Bank 
Leu fell SwFr 90 to SwFr 3.850 and 


Union Bank lost SwFr 35 to SwFr 3,445. 

Swissair firmed SwFr 10 to SwFr 1,050 
ahead of today's results, while major in- 
surances and industrials closed little 
changed. Landis & Gyr edged SwFr 10 
higher to SwFr 1,315. 

Firmer foods saw Nestle put on SwFr 
5 to SwFr 4,925 and Jacobs Suchard 
SwFr 75 to SwFr 6,600. 

Leading industrial and banks issues 
led a rally in Milan although gains in 
other sectors were minimal. Select for- 
eign buying fuelled sentiment 

Snia Viscosa put on L41 to a record 
LI, 690 and Pirelli SpA moved L43 ahead 
to LI ,560. 

Moderate trading in Madrid boosted 
share prices slightly higher, while 
Stockholm finished up, buoyed by the 
successful conclusion of two wage agree- 
ments for engineering workers. 

TOKYO 

Price rise 

considered 

overdone 

THE BALLOONING margin buying bal- 
ance dampened investor enthusiasm in 
Tokyo yesterday, with stock prices reg- 
istering the first drop in nine sessions, 
writes Shigeo Nishiwaki ofJiji Press. 

Investors, who apparently thought 
prices had risen too fast and feared the 
increasing buying balance could lead to 
tighter restrictions on margin tradi n g, 
refrained from buying. Over the eight 
previous sessions, the Nikkei Dow index 
rose 520 points. 

Hie index however, lost 65.92 yester- 
day from the previous market day on 
Monday, closing at 10,413.88. Volume 
was large with 460.73m shares changing 
hands, reflecting buying of medium and 
low-priced chemicals and textiles de- 
spite the general downturn. Losses out- 
paced gains 407 to 333, with 147 issues 
unchanged. 

The Tokyo stock exchange announced 
after the session’s close that the com- 
bined margin buying balance on the To- 
kyo, Nagoya and Osaka exchanges at 
the end of last week increased Y96-5bn 
over a week earlier to Y2.497.9bn, an all- 
time high. The selling balance stood at 
Y279.3bn, up Y33_2bn. 

Some laggards among chemicals and 
textiles drew buy orders. Kanegafuchi 
Chemical gained Y55 to Y526, attracting 
massive buy orders on reports that it 
had developed an optical fibre made of 
r esin, which is less expensive than 
conventional quartz. 

Expectations of improved business re- 
sults pushed Teijin up by Y17 to Y425, 
and Nisshin Steel added Y7 to Y191 ref- 
lecting rising stainless steel prices. To- 
kai Pulp spurted, scoring the maximum 
one-day gain of Y80 to reach Y332. 

Investors also sought drug makers. 
Kaken Pharmaceutical jumped Y200, 
the largest increase allowed for a single 
day, to Y1.690 on hopes of an anti-cancer 
drug development Dai Nippon Pharma- 
ceutical and Chugai Pharmaceutical also 
advanced sharply by Y170 to Y3,500 and 
Y50 to Y1.140 respectively. 

However, many major blue chips eas- 
ed off in small-lot selling. Matsushita 
Electric Industrial lost Y40 to Y1.790, Pi- 
oneer Y80 to Y2.840, and Toyota Motor 
Y70 to Y1.260. 

Mitsubishi Metal and Toyo Soda also 
declined to Y658, down Y17 and Y291, off 
Y7, respectively. 

On the bond market, Monday’s higher 
U.S. prime rates led small brokerage 
bouses to sell at a loss. The yield on the 
barometer 7.5 per cent government 
bonds maturing in January 1993 soared 
from 7.23 per cent the previous market 
day to 7.72 per cent But it later dipped 
to 7255 per cent on buying by city and 
trust banks. 


TWVto and through the USA 


Boston daily. 


See^jur 



Direct 747 service every day from Heathrow, departing 10.45, arriving Boston 13.00. 

TWA also flies to over 50 other US cities. 

. See your TWA Main Agent You’re going to like us 


























32 


•• ■; -■ •• fgP' 

s financial Times 

‘"“V 



?•.< ** 


12 Man* 

Wgh lav 

zn% KSj 
Sh Vh 
22 Iff, 

16% 13% 

*1% 25% 

20% 1ft 

4t% 23% 

2fft 23% 

16% fib 
56% 42% 

77% 50% 

33% U 
53% 39% 

30% 23% 

27% 17% 

13 6% 

04% 10% 

18% 15% 

19% 8 
22 12 % 

16% 8% 

37% 16b 

24% 12% 

43% 33% 

103 78% 

40% 20 
7% 3 

SI 36% 

3(4 19 

3% 1% 

33% 29 

7% 6% AhP 

74% 66 «aP 

81% EB% AtaP 
70 GO JUbP 
24% W% 


Sod 

AAR 

ACF 

AMGA 

AMF 

AMRCp 

AMR 

AMR 

ANR 

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Aoo am 

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AeM. 

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pB.13 60 

ptzsr ii. 


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564 35% 
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20 11 


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3«45 320 692 


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1.200* 15 1847 42 
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5203568 2 

043 6 4fi 
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3 35 2574 29% 

S U 18 14% 

264 73 11 1739 36% 

pi 805 1 81 

120 49 6 671 24% 

88 4% 

123 11 815 43 
5025 14 34 23 

9 S TO 3% 
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Wb 

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17% 

10% 


W% 10% 
18% 13% 
30% 22% 
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Afcartp 

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Alcan 

AkoStd 

AtoaAfc 


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pttM4 14. 
pita 14. 
176807 


30 8% 

Z220 66% 
;£X 69% 
Z120 60% 
2 22 % 


pCSG 12 
1X65 
[401911 


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a 53 ASgCp 

27% 24% AJgCp 

3 ffi 22% Alffnr 

30% 18% AigM 

ffi 86% Algl [401125 13 

a 22% Alffte ~ ' 

S 10% AfcnG 

58% 41% AfldCp 

65% 59% AkJCp (46 74 11. 

114% 103% AkJCp pi 12 12 

107% 97% AMC pf 1131a 11. . 


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12035 42 1022 35 
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a 447 ua% 

1065 17 11 137 64% 


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law Quota Qua 

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68 86b -% 

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28% 28% -b 
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14% 14b -b 
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18% 18% +% 
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60 60 -1 
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12% 12% 4-% 

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24% 24% -% 
34% 34% -% 
32% 32% -% 
19% 18% -% 
2612 28% -1% 
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56% 40% 

1ft 12% 
40 27% 

2ft 21% 
3ft 17% 
48% 31 
32% 22% 

33% 21 

54% 34 

34% 20% 

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3% 1% 

2ft 11% 
62% 46% 

2ft 25% 
63 46% 

09% 50% 

3 ft 22 
22% 18 
55 324 

2ft 22% 
48 33% 

2ft 171* 


MdRl 

AiJStr 

ABsOl 

AfeCh 

ALLH. 

MphPr 

Alcoa 

Amu 

Airvca 

Amro 

AmHes 

AHra 

AmAff- 

ABakr 

ABmd 

ABm 

Aflrd 

ABdest 

ABUM 

ABusP 

AmCan 

ACan 

ACan 

ACapBd 


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a 25% -% 

20% 20% 4% 

88 88 -% 

260 10 7 338 25% 25% 25% -% 

506 24 21 63 21% 20% 21% 4- % 

24045 10 1067 52% 52% 52% 4% 

30 61% 01% 61% +% 

18 104% 10* 104% 4- % 

73 104% 10*b 10*% + % 

5 11% 11% 11% -% 


0 49 7 387 41% 

283 12% 


7 36% 

158 21% 

a 


pi 

1.B0bB5 8 
18 

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40 1 1563 118 U3S 
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1 1036 » 2330 3ft 
pQ50 07 8 134 

46 2 % 

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36064 8 554 56 

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pG67 40 1 5ft 

100 09 10 337 55 

82 16 10 ffi 23 
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290 6.1 14 1675 48 
P&8Q 12 W 22% 


pi 3 7.2 
220 12 


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ACmC 

ACyan 

ADI 

AEPw 

AEap 

AFarrd 

AGnCp 

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59 4ft 
32% 20 
2ft 16 
4ft 27% 

2ft 13% 

26% 1ft 
7% ft 
56% 51% 

71b 571* 

56 43% 

4ft 3ft 
2ft tft 
17% 11% 

54% 42% 

49 32% 

71% 62% 

37% 20% 

11% 5% 

49% 33% 

33% TB% 

26% 10 
2ft «% 
ift 10% 

38% 26% 

24% 17 

44 24% 

21% 1ft 
3ft 3ft 
32 22b 

11 % 10 
12 10 
27% 21% 

5ft 54% 

1ft 6% 

67% 01% 

s a 

52% 27% 

30% 18% 

2ft Amteac 

- “■ AMPta 


4ft 

18 


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17517 14 169 48 
a 9231 U 5603 29% 
228 13 7 1589 17 

a1ffi41 12 5635 31% 
60 36 10 250 17 
■ 90 42 6 1016 21% 


vw 


AGrt p*A573o 11. 
AGnl plBS36e 87 
Afti 8)025 72 
AGfl plD2j64 32 
AHant 
AHosl 


2312 6% 
1332 54% 
13 61% 

10 45 

Tffi 4ft 


AHonw 

AHOGO 

Aimc 

AMI 

AmMol 

AlMRa 

APW3 

ASLFI 

ASLFI 

ASMp 

AmSd 

ASM 

AmStr 

AT&T 

AT1T 

AWatr 

AVM 


263511 SO 

41 12% 

204 5013 2005 5ft 
1 28 12 943 3ft 
n 6 8 9 2993 67% 

00 0611 109* 24 




110 60 7 530 

n 12 145 27% 

a 5 140 10% 

p88M. 250 16% 

00 67 47 12 

1605712 2424 28% 

44 22 11 41 1ft 

S 64 10 9 389 


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1ft 12% -% 
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21 % 21 % -% 
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4ft 41% -h 
25% a -% 
34 a -*1% 
55% 55% 41% 

29% 3ft 4% 
130 130 . 

2% 2% -% 
17% 17% -% 
55% 56 4% 

0ft 2ft. 

5ft 5ft -% 
Sft 54% -% 
22% 2ft 4% 
20% 20% 4% 
47b <7% -% 
22 % 22 % -% 
41% 41% -% 
17% 17V 
3ft 30% -% 
1ft Ift 4% 
47% 47V 

a 29% 41% 

16% 17 4 % 

3ft 31 4 % 

16% 16% -% 
21 21% 4 % 

6b ft +% 
53% 54% 4% 
6! 61% 41 

44 45 -% 

42% 42% 4% 
Z7% 27%. 

12 % 12 % -% 
5ft 52% -% 
* 35% -% 

§ 87% -% 
23% -% 

5% 6%. 

48% 48% 4% 
3S% 27 4% 

10% 10% -% 
616% 16% -% 
11% 8 . 


S a%-b 


n120 7d 
pa 64 it 
1.60 57 6 
PM0S 11. 

5pf1.2S 72. 

AmHoO 209a 94 12 88 
ATcPr Sffib 94 


ATiSc 

ATrtJn 

Amarih 

Anrai 

ArnasO 

Airatt 


22511 17 
137 3ft 
56 28% 

z200 11 
z160 10% 

a 

57% 


1ft 19% 4% 

33% 3ft -% 
16% W% _ % 
33% 3ft 

a 28% -% 

ii ii . 

10% 10V 
24% 24V 
57% 57%. 


5% 

8ft 


71 

Sab8£ 22 

1086 u3Z% 32% 32% -% 

1.805310 16 30% 30% 30% 

■38 7 M 151 43% «% 43%. 

S 80 3.4 14 81 24% 23% 23% -% 

14452 19 27% 27% 27% 4 % 

195l 12 8 13 16% « 16%. 

102 16 S 579 101% 100% 101% 41 




10 

a 

77 


«% 

Airpos 

00 15 

X 

19% 

19% 

«% 

13% 

Amp 

3311 13 13 

21 

a*% 

2ft 

2ft 

17% 

AmSdi 

■108 60 7 

8 

21% 

21% 

21% 

2ft 

Amsted 

X24 

85 

a 

32% 

a 

4% 

Araemp 


229 

4% 

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4% 

19% 

Aralog 

s a 

235 

32% 

31% 

31% 

23% 

Anchor 

1.48 59 10 

249 

25% 

75 

25 

26% 

AnCtar 

1084513 

7 

29% 

23% 

29V 

9% 

AnmGr 

.19 19 30 

50 

10% 

10 

10% 

17% 

Angefc 

.48 05 12 

50 

2ft 

19% 

19% 

65 

AnhaiB 

1X31 9 

2185 

57 

58% 

57 

45 

Anhau 

[4300 80 

1481 

45% 

45% 

45V 

1ft 

AnMr 

24 19 a 

171 

2ft 

2ft 

2ft 

13 

Ama 

5610 

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29 

28 

29. 

8% 

Anmw 

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12 

13% 

13% 

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Apsdw 

08 21 14 

859 

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13 

a% 

2b 

ApchP 

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110 

2% 

2% 

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18% 

ApOlP 

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832 

19% 

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19% 

53% 

ApPer 

(47.40 13. 

Z117D 58 

57% 

5B . 

37 

ApP» 

pO BO 13. 

a 

28% 

25 

28% 

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Appffig 

1.141 63 17 

87 

ta 

17% 

IB 

19 

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714 

20% 

19% 

2ft 

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ArtffS 

2X 14. 6 

949 


«% 

M% 




-% 


4% 


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4% 

4% 


101% 08% 
31% a 

27% 11% 

2ft 17 
2% 11-16 
13% 9% 

23% 1ft 
33% 26% 

44% a 
33% 22% 

a is% 

34 20% 

24% 17% 

30% 18% 
48 30% 

44% 25% 

a 24% 

43% 3ft 
71% 48% 
114 79 

28% W% 

23% 20% 

2 1 

52% 37% 

125% W 
a 14% 

47% 29% 

44% 31 

3ft 24 
52 


AnP 

Art* 

AfkBsl 

Adda 

ArinRi 


(8946a 11. zBO 86% 
pi 358 V*. 85 Z& 

11 83 17% 

lIM 45 a at 23% 

48 


Armada 

56 

56 

11% 

AfTOCO 

40 21 

156* 

19% 

Anne 

pf210 74 

13 

2H, 

ArmslH 

96 29 7 

25 

34 

AirnWh 

1.10 4.1 11 

436 

27% 

AroCp 

1 49 18 

2 

2ft 

ArowE 

03 9 28 

9 

23% 

Artra 

0211 

6 

19% 

Antn 

1.12 45 11 

182 

25% 

firm 

pf 2 50 

11 

40 

Asarco 

.40 1 0 22 

158 

33% 

Midi 

1.60 60 13 

W 

2ft 

AahIO 

pG96 11. 

T8 

37 

AhSG 

£20 409 

5BQ 

52% 

A*« 

pH.75 5 6 

13 

6*% 

Alrtone 

100 7.1 

TO 

22% 

AlCyB 

20811.6 

25i 

2ft 

ABMtro 

■08b 7.1 

200 

1% 

AdRfch 

3 66 6 

SdZf 

4ft 

ADRc 

peW 26 

11 

112 

AfluCp 

50 29 

X 

17% 


73 


24% 15% 

2ft Ift 


50 32 


21% 
2ft 1ft 
62% 31% 


AuuOt 

AvcoCp 

Ako 

AVEMC 

Amy 

Ami 

AMD 

Asa 

Aydn 


32 3 23 18 3ft 

56 10 18 605 32% 
1-20 4 B fi 79 25% 
0)300 50 115 5ft 

SB 32 12 9 ■ 1ft 
S 50 36 IS 58 2ft 
8 SO 10 22 1076 ffi 


27% 17% 

43 a% 


2ft 16 
27% 20 


BMC 

Bavnso 

Bkdnfl 


21 % 2 % 
3ft 29% 


28% 14% 

0ft ft 


. 27% 

31% 20% 


40% 2ft 
11% ft 


v^MdU 

BOCp 

BalyMt 

SftPfe 

BallGE 

BnOna 


7% 5 

59% a 


47% 3ft 

? a 


BncClr 

Banin 

Bandag 


B«NY 


St ® 


Bft 73% 
21% 1ft 


21% 


2ft 21% 
12 % 8 % 


BkAffl 

BkAm 

BkAm 

BkAMy 

BkTr 


28% 

£ 
46% 35% 


8amGp 

Barns! 


33 
14% 7% 

3ft 20% 


2ft BvyWr 


31% K% 
21% 13 


23% 19% 
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Baxlr 

Bayfln 

BoySiG 

Beanng 

BaatFd 


2 

B5 

11 

1022 

34 

1.15 

46 

a 

2 

25% 



ii 

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3S% 


B 

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n A0 

£1 

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88 

1ft 

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10 

10 

317 

37% 

92 

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2ft 




188 

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1.18 

379 

25 

31% 

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10 

84 

952 

17% 



17 

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ift 

3 

96 

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200 

31% 

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45 

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91 

21% 

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£5 

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4ft 

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11 

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40 

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1.10 

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11 

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192 

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44% 

peso 

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40 

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pen 

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13 

39% 

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314 

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248 

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17 

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pf 300 

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8ft Bft -1% 
25% 25% -% 
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13-W 13-16 -1-16 
11 % 11 % -% 
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28% 2B% +% 
3ft 3ft -% ■ 
26% 27. 

2ft 2ft. 

2ft 2ft -% 
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2*b 25% +% 
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33% 33V 
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15 15 ’A 

2ft 22% 

2ft 2ft +% 
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109% 109% -1% 
17% 17%. 

33% 33%. 

31% 31% -% 
25% 25V 
5ft 56% +% 
18% W% +% 

27% a +% 

37% 37% -% 
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25% 25V 
a 35% -i. 


18% 10% -% 
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20 % 20 %. 

2ft 2ft +% 
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31 31% +% 

a a +,# 
a a + * 

40% 48% +% 

10% 10% -% 

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4ft 43 +% 

37% 38 -% I 

30 30 -% 

35% 36 > % 

20% 20V 
50% 50% -% 
80% 81% +% 
16% 18%. 

23 23 + % 

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22% 22%. 

0% 9% +% 

2ft 29% -% 

aar 

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17% 17% -% - 
1ft 1ft. 

2ft 2ft +%, 
3ft 3ft. 

32% 32% +%, 


12% 7% 
21b 1ft 


29% IB 
29% 19% 


75% ffi 
27% 20% 


39% 24% 
96% “ 


Aft 
4ft 

3ft 2ft 


37% 22% 

10b ft 












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38% 

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29% 

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18% 

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ffi 

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22% 

22% 

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42% 

ffi 

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peso 

88 


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2ft 

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506 1013 423 30% 29% 29% +% 

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42% 3ft 
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57% 22 
23% 0% 

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18% ft 
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33% 21 

12% 7% 
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64% 43% 

43 33 

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109% 65% 
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CSItn 

CBS 

CCX 

CtSCiA 

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CLC 

CNAFrt 

CNM 

CPC bit 

CPNd 

CSX 

CIS 

C3lnc 

Cabot 


Canvnl 

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CmpR 

CpR 

CamSp 

CdPac 

CanPE 

CantaR 

CapCta 


c-c-c 

140140 13 417 
290 4-f II 429 
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£60 02 0 1746 

p< 275 10. 20 

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8 303 

100a 12. 14 

220 5013 400 
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n 87 

pig 30 16 

200 17 12 207 
pi 40 a 

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20 % 10 % 
36% 2ft 


Cirtag 


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24% 2ft 
56% 37% 


£ 3. 


04% »% 
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1ft 9 
!ft 1ft 


33% 27 
50% 37% 


25% 16% 

79% 52% 


39 36% 

40% 30% 


3ft 25% 
20% 1ft 


25% 18% 
23 19% 


04% 21 
17% «% 


2ft Ift 
36 3ft 


1ft 13 
1ft U 


19% «% 
28% 1ft 


CipHId 148 40 8 
CipHtf pG.55<) 80 . 50 

S 42 20 9 450 

g 40 232 

96 37 11 23 
240 4510 2*1 
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25212 7 196 

pC 67 10 io 

210 44 16 68 
S . 05 6 13 62 
1001710 24 

1021711 wn 

4819 11 122 

1.12 11. W 14 
23 175 

peso 21 81 

ISO 30 2411 

S 72 10 TO 47 
4 3610 747 
PM5D12. 5 

232 70 8 101 

■05 0 12 S 
100 II. 8 1109 

272 14. 5 132 
21411.7 117 

pC82 11. Z2S0 
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164 99 7 38 

puieia ii 
106 14. 0 76 
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Cvnat 

CtaoFt 

C*Pw 

CaP 

Cartac 

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Cmffr 

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CmvA 

CHcMG 

CmtCk 

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CffipT 

Ceco 


cam 

Cwnri 


C*nSoW 

CenHud 

CorAt 

cmi 

CMPS 

Onua 

CUB 


£ 3. 

25% 15% 


30% 16% 

2ft 2ft 


29% 22% 
47% 


«b 9% 
13% 0 


CnSoya 

C«PS 

CwniOt 

cemyn 

Cenffi 

Crt-teod 

Coaffiir 

Qnpta 

Chert 

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Chanfip 


7% ft 
13% 9 


62% 41% 

8B% 62 


47% 40 
5ft Sft 


ChanCo 

Oort 

Owl 

Chaaa 

cm 

Chasa 


63 
295 

00908 90 

8260 11. 9 23 

10 187 
4022 329 

401021 554 
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pM50 88 5 Sft 

40 39 15 156 


£ a 


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48 17% 

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23% 16% 

8ft 4ft 
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22% IS 
40 25% 

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44% 31% 

33 U 
61% 41 


GAP 

GAP 

GATX 

GCA 

GBCO 

GEO 

GFC0 

GTE 

GTE 

GTE 


84% 3ft 
31% 18% 
12% 1% 
31% 21% 
17% 11% 

29% W% 
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57% 41% 

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4D 32 

a s* 

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GnBcsh 

GCm 

GCtacn 

GDM 

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GnFUs 

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GGth 

GG* 

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17% 


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177 17% 
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GMst 

GM0C 

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GNC 

GPU 

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22% 18% 
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00,22 32 Bn 30 
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300*48 6 6072 67 

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108 30 14 9(8 44% 

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150840 ffi ffi 3*% 
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10330 14 222 Sft 
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GaPw 


GaPw 

GmbRd 

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£ £ 


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1/405010 2558 2ft 
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Continued on Page 34 


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11 

1X65 12 
ffUOB 33 

283 


133 64% 
2 - 22% 
* 

1 57 

51 33k 

1030 135% 
223 2k 
X SB 
1409 24% 

2 34% 
2095 2ft 
64 ft 
X 28V 

1 30% 

2 D, 

10 15% 


2X34 19.X 65% 

680 42 M 31 18% 

40 2211 275 18 

SS2 39 11 228 13% 
*84 30 13 SS 2?% 
SB 3322 4*2 37% 
356 7% 
n 82 20 16 722 42 
1157 21 5 73% 

a 31 157 1ft 
HX3J 13 210 37 
1X33 X St 
19 4 16 X 9% 
6024 15 204 X 
252 M. 5 175 18% 

047 15. 11 23% 


n92016 
P0157 21 
s 31 
•1X33 13 
1X33 
194)6 
80 2 4 15 
252 M. 5 
P04715. 
pUSB 13 
PC36M . 
pOCI 15 
X 14 
406 21 9 
180 4.17 
pM£9a 46 

27 


13 29k 

W W 


160 4.17 W2 39% 
459a 46 4 107% 

27 ft 10k 
2S6 ft 
A420WS 140 21k 

s X SX 3ft 
S SB 14 12 233 Ift 
473* W 
pi 235 W. 213 1ft 
PIB5251I. 49 1ft 

n 8» 27% 

W 46 ft 

MA 16 12 

pi 282 1 34% 

41 M 12 X 16% 
42X66 52 40% 

IK 65 8 419 34% 

216 12 W 18V 
la 84 2 11% 

2045)8 11SO 4D, 
*07 8 4 27 4ft 

me 40 IX 20% 
17 48 12% 

9(804 10 MOO 63% 
«UO 11. 13 22% 

6 40 ft 

looms oo 3ft 

192 5 7 9 22*9 34% 

5 559 23. 335 23% 

1(25011. 3 9 

12 X ft 
*029 5 U 

1 40 9 7 25% 

n 72 27 M 605 27 
329 S3 9 2 6 

.18 1 8 43 17 9 

■50 26 31 56 19% 

.10.7 11 IX 15% 
2 GO 69 7 IB X 
n *8 36 11 23 Ift 
X40 I 1ft 
70 2512 IB 27% 
30 27U 3 X 26% 
1561 241, 


pi 282 
PIIU 12 
pl 266 66 
156 658 
2 16 12 
la 8 4 
204510 
P*3B7 84 
me 40 

17 

(*54 10 
PCX n. 

6 

1 X SS 15 
192 5 7 9 
S55e23. 
Pt25011. 

12 

*029 
1 40 9 
n 72 27 M 
32a S3 9 
.1818*3 
50 26 31 
.10.7 11 
2G0 69 7 
n *8 3611 
X40 
702512 
7DZ7M 


. &‘r 

Qbm toe. 
Lnr ton Ubm 

F 64% -k 

Zft ZZ% +% 

2ft 2ft 
57 57 -V 

32% 32% -V 
04% Wft + % 
2V 2%. 

Sii? 

34V 3«%. 

? ? A 

a a « 

D, ft 
16% Tft 
65% €S% -% 
16k ,6% 

171, 18 + % 

13% 1ft -% 
2ft 22% 

26% 27% + V 
ft 7% -% 

40% 41% +1 
73% 73% +2% 
16% 16% +k 
36% 36% -% 
55V 5SV +% 
32% 321, +% 
25 25% + % 

S IS . 

23% 
an, »%. 

16% 16V 

ai% »% -% 

a a. +v 

107% 10ft 
10% WV +% 

2ft S, +%' 

88% 38V +V 

lift m% -k 
ft 9% +% 

13% 1ft +% 
19% Ift +V 

77 27% + % 

9% ft ! 

12 12 . 

2*ij 3*1, 

M% tft -% 
40% *0% + % 
23>* 34 +% 

iev lsv -v 

3 % 

*5% *6V -% 
20% 2ft +% 
12% 12% -V 
83% Aft. 

221, 2D]. 

§ 5 zi 

aa + ' 
22 22 +% 
ft ft 

74 M . 

2SV 25V 
26% 26% +% i 

6 B -% 

9 9 . 

19% 19% -% 
1ft 1SV 

a a 

a a -v 

25% 26% +k 
2ft Zft -% 


U'F 

' Pi Sk Owe Pie*. 

Sack to. E lOOtK* to tonOow 

(MMM • 173 3Z3 12% 12% 12% -1* 

UPkMn 1 58 3 2% 2% -% 

USFoS 430a 20. 29 21% 21% 21% -% 

UsarG 12 4 B 38S 28% 20% 26k 

USGypa 2X44 12 3*5 59V 58 5SV +11 

UBGy (rf1X35 2 5Z 52 52 4- % 

USHO 1 9 35,1 1107 ft 9 ft -V 

USM .76 41 13 1084 1ft 18% 1B% + V 

USLaas 78 2 5 7 7l X X X -% 

USSho E 76 25 10 1734 32% 30% 30% -1% 

U8SMal , 33 3322 3ft 30% 30% -% 

USSU pCSie 11 1831 53% 9% 53 +% 

USSd (TIZ75 8 7 *4 14ft 14G 14S -2 

USSU pr?25 76 72a 30 2D* 2ft -% 

LIST oh 1 44 39 IS IX 37% 36% 37 -% 

USWsI n$40 B 1 6 2239 5ft 5ft 59% + % 

UnTact, 2 X 4 3 8 1724 617, 61% 61% -% 

UTeh pC5586 B2 2ft 29% 29% -% 

IWTal 1 84 95 7 1648 ID, 1ft 1ft 

UnT amX63 2 » 24 24 + % 

UWR 1 84 96 9 70 19V 19% WV- 

LWtrd SXB 21 B5 2ft 25% 2ft +1% 

Umar X 28 17 11 24% 24 2* -% 

Urwfd ,04 4.1 S X 251, 25% 25% -V 


X BOV -V 

§ a tl% 

ISO 150% +2% 
127% 1£7% +2% 
6% 7 +% 

56% 57 +% 

,1% -11V 
M 14% 4% 
»% 33% -V 
13 13 +% 

9 58% +% 

i&% t e% -v* 

17 17% -1% 

2% 21% -% 
3ft 3Z% -V 
3ft 40% A 
91 SI . 
eft 69V 
Z8% 20% +% 
W WV +% 
2ft 2ft +% 

s + ,> 

37% 37% -% 

* 4% -% 


a a 
r a 

05% 67 

73% 52 

7% 4% 

16V 12V 
30, 27% 
37 30% 

37 31% 

32% 26% 
0 5 55 

24% 20% 

18 MV 

a a 
2* 

12 ft X 
18 11 
82 54 

ft 4% 
27% ft 
1ft ft 


26% tft 
39% 2ft 
34% »% 


u-u 

9 

(42*091 
20* ,1257 
X 41 17 
3B*75 IS 

35a 26 IS 
4 167.1 6 
n20e 12 14 
U8e 62 8 
3X42 M 
340 62 X 
241 3 6 6 
172 W-5 
pi 4 1*. 
PI450 M. 
(4456 14. 
[AI4 14. 

(XL 814. 
peXM. 

0(2.13 U. 
plH 8 M. 

1X39 19 
PU72S 7 0 

9 

pt 8M 


^14 5 
SAB 10 84 
320 M. 4 
(4337 15 
M2X15 
pi 4 15 

a.«2i 13 
22 6 17 
1X478 


-U 
1114 34 
U23 2ft 
45 1ft 

2 M% 

31 3% 

155 41, 
59 13% 

879 Gft 

3 16% 

52 85% 

94 7B% 

1,13 S% 

71 ft 
444 1ft 

mm sa 
(210 x 
iso x 

15 20% 

BO 66 

72 21% 

M 15% 
XX 66 
2013 4ft 
24 104% 

378 13% 

XX 58% 
X ft 
90 18% 

1, 15% 

862 27% 

224 a 
212 22% 
11 25% 

,200 15 

8 2ft 
B 21% 

1 34% 

58 29% 


3D* 33), -% 
2ft 25% -V 
17% IB . 

14% 14%. 

3% 3% 

*% 4% 

*3*4 13% 

56V X + % 
*6% ift -V 
B5V as% -v 
77 77V. 

54% 5ft + % 

ft ft -V 
U% 12% -% 
a a -i 
31% 31% -,% 
32 32 -I 

Zft Zft -% 
a x +i 
21% zft -% 

15 15% 

d»% X +1 

W1 W3% +4 
WV 1ft . 

SO 58V 
ft ft 
IB 1ft +% 
15% 15% +% 

2ft 27% +% 
2ft 14% -% 
21% 22% 

26% 26% 

15 15 -V 

Zft Zft + V 

21% 21% -V 
3*% 3ft + V 
29% 29%. 


«% ID, 
ft z% 
27% 2ft 
3ft SB 
S*. 40 

5ft 37 
2ft ft 
18% 13 

X Zft 
X 2S% 
33V 21k 
53% 47% 

157 lift 
31% 24% 

43 26% 

65% 55% 

7ft 57 
36% 27% 

a ,ev 

X 23% 
25% 10 

3ft 23 
27% 1ft 
31 2ft 
21% W% 
3ft 27V 
®% 5ft 
X Zft 
33% 20* 

Zft 3*V 
10 8 % 
25 21 

25% 22% 

27 22% 

22 19 % 

19% 1ft 


41% 23 
36% 12% 

27 22% 

7% ft 
2ft 10% 
9% 5 

21 18 
63% 37% 
21V 1ft 
31V ift 
ift 4% 
11 ft 
4ft 23% 
43 3ft 
66 5ft 
79% 73 
8ft 57 
6*V S 
S3 M 
X WV 
13V 7% 


23V 1ft 
47% 3ft 
34% 18% 

11% «% 
4ft 27V 
98% X 
40V Zft 
2ft 17% 
32% 23 

a a 

a 

32% a 
37k 21 
22% 18 
57% 32 

3 ft 18 
15% 10% 

1ft *k 

12 9 

a 13 
4ft 28 
42V 2ft 
X Zft 
1ft ^ 
32% 21 

54% 39V 


173 aa i?v 

1 58 3 

430* 20. SB 21% 

.12 4 8 38S 28% 

2X44 12 3*5 59V 
pfIX 3.5 2 32 

■ 32 35 1, 1107 9V 

76*1 13 108* 18% 
.7625 7 71 X 

6.76 2 5 10 173* 32V 
1 33 3322 30% 

M501* 11 1X1 53% 

PT12.75 8 7 «W Mft 
pr?J5 76 73 X 

1 44 39 15 100 37% 

n540Bl 6 2239 5ft 

260 43 8 1724 61% 

PCS585 B2 Zft 

1 8* 95 7 16*8 ID, 

3*150 63 2 » 

1B4 9 6 9 70 19V 

• 3B 8 21 05 2ft 

a 20 17 11 24% 

1 04 4.1 9 X 251, 
a B X 17% 

1 20 10 9743 34% 
256 40 12 1266 A1 
96 34 8 556 X 

(•333 11 1 30% 

pcaso a a 

104a 12 32 &V 

2® 11 9 415 21% 
PCX 12. 3 24% 

PCX 12. 6 24% 

1*236 12 1 2Dj 

pQ.04 II. 3 IB 

v-v-v 

• 1 3 7 7 1151 27% 

44 33 8 5597 13% 

1**4 15 IX 23V 
4, 5V 
1X47 10 X 26V 
Ml 6% 

pt 2 10 3 Ift 

a 6 19 393 *2 
40 3 6 6 56 „V 

3217 17 » ift 

a sv 

12fe 12 14 9% 

35 13 U 1062 2ft 
p( 5 12 2100 41% 

(4772 13. 210 5ft 

(AS XII. >19X751, 
PU772 13 no 58% 
(47*6 13. (XU 56% 

1 851 W 12 75 ID, 
3* 6 27V 

21 12 % 

w-w-w 

2 14 10 7 a 21% 
1.7? 30 9 X 45% 
60 28 13 X 21V 
57 147 8% 

S 21 6 25 1494 35% 

pl 286 78% 

72 21 M 40 34% 

p>32 48 19% 

s 40 15 16 X X 
1X3 4 8 288 35% 

• BB34W 81 2ft 

,44 1156 22% 

14344 M 1219 3*V 
?»9 4 7 118 30% 

108 4 9 11 X 22% 
248 14. 6 61 1ft 

.68 IS 14 2051 351, 
s X 1 S 12 571 21% 

20 1 6 22 6 12% 
10 6 % 
P1126 13 2 10 

2 245 1ft 

64 20 13 8 32% 

2 15 50 6 475 37% 

2X 11 8 a 2ft 
*34 16 14 1777 14% 

40 16 12 76 Zft 
220 5 5 7 6,0 40% 


2% 2% -% 
21k VH -% 
2ft 28%. 

X 58V +1% 
52 52 4- V 

9 ft -V 
1ft 1B% +V 
X X -% 
30% 30% -1% 
30% 3ft -% 
Sft 53 +% 

146 146 -2 
ZD* 2ft -V 
36% 37 -% 

Sft 50% +% 


pl 2 10 
26 6 19 
40 36 6 
3217 17 

121b 12 
35 13 13 
p( 512. 
(4772 13- 
pfBX 11. 
PU7 72 13 
(47*5 13. 
1851 10 12 
34 


5ft 5ft +% 
61% 61% -% 
29% 29% -% 
1ft Wi 
24 21 + % 

19% WV- 
25% 2ft +1% 
24 24 -% 

Zft 2ft -V 
17% 17% 4 % 

331, 34% + % 
«% tt% +k 
27% 27% +% 

30% 30% -V 
Z7% a + % 
ft 9 -% 

21% 21% -% 
24% 24% -V 
341, 241, *■% 

2ft 20% + % 
IB 18 . 


26% 27% *% 
12% W% -1 
22% 22% -V 

5 5%+% 
25% Zft -% 

6% 5V +% 
W 19% ♦ % 
41% 41% -% 
11 % 11 % 

i* 5 9 =5 

6 X + v 

«0 41% +2% 

Sft Sft 
75 75 -% 

58% 58% -ft 
50 X +i 
17% ,0% +1 
27% 27% 

12 % 12 %. 


21% 21% -% 
45% 45% +% 

21 % 21 %. 

8 8% -r % 

35% 35%. 

78% 78% +6% 

34 34 -% 

19% ,9% 

27% Z7% + % 

35 3ft + % 
25% 26% 41% 
Zft 22%. 

33% 34 4% 

3D* 3D, 4 % 
21% 22% 4% 

18% 18V 
3E% 3SV -% 
2ft 21V + % 
12 % 12 % -% 
ft ft + V 

X ^i rt 

32% 32V -% 
£k 3ft -k 
Zft 20% -V 
14% 14% 4 % 
2SV 2ft + % 
40V 40% -% 


12 Month 
Mgh to 

7** £ 
3% IV 
(7% Ift 
12 ft 
8ft 63% 
47% a 

10 8L 
22% 1ft 
58% 4ft 
42 29% 

41% 28% 

52% » 

Eft «% 
2ft Ift 
X 30% 
57 30% 

48% M 
43% 35V 
65% 25% 

34% 1ft 
11V ft 
30% 2D, 

17 4% 

1ft 6 
37% 28V 
Zft 10 
12% ft 
28% 22V 

® 74 

2D, 23 

301, 22% 
3D, 21% 
29V M% 
44% 20% 

2D, 21% 

39% 30V 

£ ? 

% ^ 

17% 9 

22% M 


xi, a 
53% 47% 
37 21% 

34 2D, 

2ft 1*% 
Sft 31% 
3ft 1ft 
27% 19V 

37% 22% 


Pl 5U 

to. YU. E lOOtlflgb 
9, 04 91 11% 

270 *% 
M 31 1% 

pi 40 17% 

3413 11 

8 17 86 

1 40 54 2621 2ft 

dpi, 18 11 42 9% 

PI2S6 W II 19% 
1X389 1162 4ft 

13033 13 326 38% 
IX 39 a 1977 33% 
PCX 53 X 4*% 
P'450 92 IX 48V 
95 33% 

pl 5 15 (40 X 

£ 4 7 9 1326 42% 

1X43 11 X 36% 
0fC3 75 1 40V 

9 2S 2ft 

1 X 8.1 6 108 Ift 

56 IB 7% 
1X43 IS SOS 28% 
4 240 5% 
04* 4 149 D, 

SIX 52 11 495 X 
.10e 9 14 6*4 11% 

a 16 8 

£10 82 6 951 a 

(48X12. >230 75 

2*8937 X 2ft 
232 9 1 7 192 26% 

8,32 * 0 9 49 33% 

48 3 1 15 42 1ft 
44 10 a ffi 1M4% 
72 3 0 21 71 2*V 

1X5 5 9 400 33% 

PC23047 2 47 

11 5% 

41 6% 

34 1 4 17 BX 1ft 
X ft 

X 35 10 X 17% 

X-Y-Z 

3 7 3 9 3031 41% 

PIS 45 12 I® 47% 
2 1 13 72 27k 

136*810 26 26 

84 3613 2139 u2ft 
B X 8 ,t 5(1 37% 

13 324 2ft 

S X 1 7 19 15 21% 

1X54 11 21 24% 


a* 

GtoPm. 

to tonOnaa 

% ? 

tft ’ft rt 

s a rt 

* 5 A 

WV 19%. 

<ft «ft 4-% 
38% 3B% +% 
33% 33% +V 

4ft 44% +% 
48 49 -V 

X X . 
a a -V 
42V 42% -% 
Sft 35% -1 
40V 40%. 

a a -V 

19% 19% -% 
7% ft +% 
27% rf -% 

5 5V +V 
9 S% +V 
29% 2ft 
11% ii% + V 
ft 6 +V 
Zft 25% -% 
75 75 

Zft 26% -% 
». 25% -% 
% 33% +% 
15V 15% +% 
44% 44% 

24 24%. 

32% -% 

47 47 -1% 

ft 5%. 
ft 6% -% 

2T* IT* 

ft 0V 
17 17 -V 


4, 41% 

47% 47%. 

27 27% + % 

26 X. 

a »% +% 

36% 3» +% 

^ -k 
21 % 21 %-% 
Z* 1 , 2ft -V 


Sato* figures are unofficial. Yearty highs and lows reflect ttw 
previous 52 weeks phis the curod week, but not the latest 
trading day- Where a spH or stock dMdend am oun ting to 25 
per cem or more has been paid, the year's M^How range and 
dMdend are shown (or the new stock only. Unless otherwise 
noted, raios at dMdands are annual dsbursamants based on 
the latest de c lar a tion. 

a-dMdend Mso extrais). b-annuai rate of dvidend plus 
stock dvfctend. o-Gquidatfcig dividend. cfd-caBed. d-new yoerty 
tow. e-dMdend declared or peki in precm&ng 12 month*. g-*»- 
vtdand In CraSan funds, subject to 1 9% non-residence to.1- 
Andend dec l ared Mter spM-up or stock dMdend. J-dMdend 
petd this year, ommed, deferred, or no action taken at blest dt- 
vidend meeting. k-<ftndend declared or paid this yesr. at accu- 
mulative issue with tMdends In annasrs. n-new Issue in toe 
pesf 52 w aste . Hie Hgmow rang* begins wtth the start ottre- 
<&ia nd-next day ddtory P/E-pU cn e arni ngs ratio. r-«*vhlend 
dectored or paid m preoedbig 12 months, phm stock dMdend. 
s— stock spin. Dividends begins with data of sp8L ib - wto . t- 
dhrtdend paid In stock m precedtog 12 months, e stimate d cash 
value on ex-dividend or ex -distribution date u-new yearly high, 
v-trwkng hDtedvHnbankrupfcyorreceivnrsh^>orbeAigre> 
organlsad inter the Bankruptcy Act, or securities assumed by 
i such compantes. wd-wtwi drsthbuted. w i when Issued ww- 
; Vrth warrants. *-a»-<8vktend or ek-dghts. xdis-ex-dtatitaittan. 
| xw wWioul warran ts , y-ex-dhrtdand and sates In tufl. yW-ywid. 
I z-aales in firil. 



WORLD ECONOMIC 
INDICATORS 

every Monday 
in the 

Financial Times 


- 

k ^ 















34 


HB 





00 . Fmancial , Eine$ ; Tiiiira 


WORLD STOCK MARKETS 


;v;; 




CANADA 


[DENMARK 


NETHERLANDS 


I AUSTRALIA 


(CtetajPrro) (far Yam. 

Sack 21 


ttiCAht 


Aoripi Eagle. 


20Vz -¥» 


Prioa I + Of 
! Knr * J — 


Price; + or 
FI* — 


. Price + or 
■Aust 6.' — 


JAPAN (contfou^,)^ 4, or f OVER-THE-COUNTER Nasdaq national ma.7ket, closiTig price* ; LONDOf 

•tar. !i i Yen - 


ISYi - Vb 
20 


43>* -Vt 
25 Vt 


BkNsw Scotia 

M Canada 

BambartoA 

BowVtflcv- 

B.P Canada Res.... 
BranaA 


3OTk - Vi 
17Vh 


23% -% 


B.C. Fared 

CLtac 

CaHtec Fan. 

Caatafl Hut lit 

CM Ckneni Fit 

CanNWEnenn 

Can fetal 

Can bep Bank ._. 
Cantabs P*& 

Cm. P. Ent 

Can Tire A 

Carting ITKfa 

QnrftEJD 


38% + V* 

2.45 +0.05 

11% + Vk 

28% 

1T« + Vk 


Aarhus 01 le™ , 351 > 

AndeJsbanken....; 857 ‘ —8 

Baltic Stand — 1 560 * 

CopHandetsbank; 239 —6 

O. Sukkerfab— — 535 ! —10 
Danske Bank — > 278 - —18 

East Asiatic 185 - —10 

Forenede Brygg.. B80 j 

Forenede Damp.. 191 - 

GNT Kids «B . -25 

I.S £ A 660 

Jy*ke Bank. MS —30 

Novo Ind ‘ 2,490' 

Privatbanken—..* 249 —1 1 

Provinsbantan... 303 • —6 

smidtti rFj : 235 —3 

Sophun Berend.. 1.160' —5 
Supertos 499 * —21 


ACF Holding ■ 196 . +1 

AEGON ! 131 • +1.5 


ANZ Group -J 6.44 

Aerow AubL.h...-' 1.6 
Allianea Oil D. ...■ 0,8 


Konishlroku -I 666 i ......... 

Kubota | 315 1 -2 

Kumagai - I ABB ■ ......... 


Saks High Law Ian Ckog 


Lta Ls« Osg 


S At Hta.Lta lad »ng 


FRANCE 


Price ! + or 
Fra. : — 


Ahold- ! 804.3 —2.5 

AKZO I 97.5xrj —0.5 

AMEV 154,1. -0.4 

AMRO-.- ! 75.5 

Bredero Cert. 200.5. +5.3 

Boa KalisWestmJ 48.1- -1.4 

Buehrmann-Tot- 69.7 

Calland Hidgs j 36.5 

Credit Lyon’is Bk 54.6; 

□sewier-NDU 560 1 +5 

Gist. Brocades...: 142.5 

Heineken- 140.7- +0.7 

Hoogovena * 46.9' —0.1 

Hunter Douglas..' 27 - +1.6 

Int Mueller 37.3 +0.1 

KLM - > 166.5' -1.3 

Naraden ; 41.1- —0.2 

Not Ned Cert 222.5; -OJS 

Ned. Credit Bank 40 +0.5 

Ned Mid Bonk. - 160 . +4 


Ampol Pet. lies ■Zo.n Kyoto C«rKmlo.-.;l0^aB0i -260 

Aust Cons Ind ...,i 1.76 i -0.02 55*2^ £23 «n 

Aust. Ouarant ..... 2,6 Maklno Milling— 1,680 . — 20 


Aust. Nat. Inds...: 2.7 

Aust. Paper ' 2.04 

Beil Group 5.74 

Bond Corp Hldgn 1.5 

Boral ; 5.4 

BVHI« Copper ...j 2.6 


MaJdta...™ -1,100 | —60 


Marubeni—™, — -4 265 I —6 


Brambles inds J 2.8 -0.55 S.M J5"?~ 

Bridge Oil 1 3.2 = 

BHP 113.1 xr ; -0.06 MblshlElao 


CRA„ 5.6 

QSR™ ! 3.8 

Carlton Utd ; 3.9 

Caatlemaine Tys.: 4.16 

Coles (QJ.) 8.72 

Comal 00 “A" 2J3S 


_o‘lB Marudal 1 660 

Marui 11,260 

MEI J1.790 

+ 0B M'ta Elec Works. I 70S 

n sc M'blshl Bank._.., 930 

M'biahl Corp— J 544 
-4 )'h M’biahl Else...™...' 411 
+ o' ra M’blshl Estate..- 1 460 
_T. . MHI ™ „... 237 


— : ■■■ — — iNedlloyd ■ 121.6 +2.5 

Emprunt44%19rS 1.866- +6.5 I Oce Orlnten. : 845 1 +2 


Cons Bate! A 

Conn Ufa 


Deacon Mm A 

Datasca I... 

Done Mines 

Done PeneWniB 

Dmbmmi Stra. 

Darter 

FdanteMga 


Eqiprunt 44% lWt l.Bci 
Emprunt 7*S 18739,760 

ONE 3% 3,410 

AtrUQuide 613 

BIG - ; 391 

Bouygues - 660 

BSN Gervais ....... 2.480 

ClT- Alcatel - 1 1,679 

Carrefour 1.595 

Club Mediter'n...' B80 

CFAO-- 652 

Gic Ban cairo 451 

Cofimeg -[ 215 


Onrmorem Von.}., 30 J +0.7 

Pakhoed 68.4: +1.9 

Philips 47.2 + IJS 

Rijn -Schelde 3.8 

Rabeoo 332.6 +0.1 

Rod am co 132. 7| 

Rollnco 318.5) —1 

Roranto™ I 802.1 

Royal Dutoh 152 +2.3 

Unilever™ ™ 856.5. +2.6 

VMF Stork. 96.21 +1.2 

VNU 150.1. +1.1 

96.B -0.8 


Consolidated Pet 

1.18 

Costal n Aust. 

1XU 

Dun loo Aust™ 

1.03 

EX. Inds. 

b.ita 

Elders (XL 

4.1 

Energy Res 

1.58 


+Q US M’blshl Estate... 460 ‘ -9 

... . MHI ™ 237 J 

+0 06 Mitsui Co 836 : 

In M Mitsui Estate. 728 • -3 

Mltsukoshl i 345 ; —1 

NGK Insulators™. 760 +5 

Nihon Cement.... 210 


30 n +0 7 tnergy kcs 1.00 

Tl. Gen Prop Trwst™i 1.95 

68-J + J-g HordieU.) 3XB 

47.2 + X.S Harlogen Energy 5.2 

••••• UnralrlWuTImM « 07 


Nippon Denso.... ; 1,520 : —50 

'Zjnm Nippon Elect 1.430 j —20 

' Nippon Express™] 891 - —3 

Nippon Oakkl —..I 630 I — J 

Nippon Kokan.— ! 136 ; —4 

"Zom Nippon Oil .'1,050 i —20 

oju Nippon Seiko ! 629 | +20 

__a ns Nippon Shimpana 789 i + 1 
To 04 Nippon Steel ™-4 169 +3 

' Nippon Sulsan.... 1 324 + 10 

trrv™— ™.[ii,ooo -400 

Nippon Yusen.—: 837 

3 k Nissan Motor- — I 720 —10 

To m NiMhin Flour. J 465 i -6 

+ OD6 Nlsshln Steel ...™! 191 h +7 

u w Nomura™ I 770 : —5 

Ia m Olympus..— p 921 i —IB ' 

Omron Totals! 2,370 • +30 : 

"nx Orient Leasing... '5,990 —70 

Pioneer 18,840 } -80 

Ranawn™™ 638 i —17 

+OU Nl«>h =1,030 —40 

12-22 Sankya ! 709 +10 

' Sanyo Elect 1 626 ' -11 

Zo'm Sapporo™ ; 415 . +7 

Seldsui Pro fab.. J 555 : —10 

^' 0b Seven^leven 8.300 , +300 

Tn in Sharp 1,880 : —30 

U ' IW ShlOnagl 679 ! —4 

Zn iii Shlseido -1.040 1 +20 

Sony 3,650 i +10 

L ij'S Stanley — l 765 | —5 

0 M S'tomo Elect 969 ■ —25 

_ „ S'tomo Marine —• 334 ■ —9 
+ S'S? S'tomo Metal™... IBS 1 —1 
-2* Talhei Dengyo... 496 , -3 

2’2 t ™» •« Oorp ’ 816 [ 

— 5-"' Taisho Pharm— 930 I —9 

“2-S2 Takeda 671 j -10 

+ 0.06 TDK- ,6,830 , -40 . 

Teijin 425 • +17 

Teikoku Oil . 680 I —5 

Tokyo Marine —• 565 ; —7 

TBS™ : 744 

Tokyo Eleet Pwr.- 1,320 '• 

Tokyo Gas™ ! 168 ■ —1 

Tokyo Sanyo. i 760 : —10 

4- or Tokyo Style 1 830 i —10 

— TOkyu Corp i B41 I +2 

Toppan Print — J BOO —10 

— 1 Toray™ — I 413 1 +4 

-0.3 Toshiba Elect I 390 i —7 

—0.2 TOTO 601 ; +23 


Creusot Loire-..™. 38.6 -3.4 I West Utr Bank....) 
party I 855 . -1 I 


DumezSJL. 1 700 

Eaux <Cie Gem™.' 516 


Hartogen Energy 3.2 
HeraldWyTImes 2.97 
Id Aust™ - . . - - 2 06 
Jimb'lanafBOcFP 0.34 

Kla Ora Gold I 0.19 

Lend Lease™ i 4.6S 

HIM - ; 3.24 

Mayne Nioklesa™. 2.45 

Meekatharra ! 0.75 

MyarEmp. 1.8 

Nat Com. Bk™ — 3.48 

News 10.7 

Nicholas MwL.... 1 2.9 


Elf-Aquitolne 1 22S 

Oon. Occidentals, 579 ; +6 

■metal™ \ 79 : +0.1 

Lafarge Coppee. 341 I +11. 

L'Oreai —'2,260 • +50 

Legrand— ;i,B69 : 

Maisons Phenlx.. 867 ■ —0.1 

MatraS.A J1.399 ' +64 

Michelin B5a I —1 

Midi (Clei .-*1,398 | -5 

Meet- Kennessy-Jl, 378 1 +18 


GbnrMfc 

a West We 

Hawk Sid Can I— 

Kvkn'i Bay 

Husky 03 

Imases — . 

Imp 03 A ...™ 

bKO 

ImW 

haterpr Pipe — 

LAC Wlsarsls 

Ustta* 

MacBd Btmdol 

Mads S Spencer ... 
Masscyfetj — — 
Mcbnyra times 

MidCkss 

MsbcnA 

MecreCm 

Nat Sea Prods A. _ 
Horen*) Mines — 
Mcicesin Engy — . 

Numac (B 

Nova Alberta 

Mm TekcDsi 

Dakaood Pe 

P a ntaaa fe a Pet.... 


+ 1 I 
+ 6 I 

+?i 8 9l NORWAY 


* Price ! + or 
{Kroner 1 — 


Bergen* Bank™.. I 166 , —1.6 
Borregaard™ i 312.5| +2.5 


Moulinex .) 93.1 +0.6 I Christiania Bk. ..j 180 —2.5 


Nord Eat : 47.3, -ai Den Norsk Credit 167.51 -0.5 

Pernod Ricard—.l 669 1 —10 Elkem J 164.51 +5 

Perrier 635 Norsk Data i 263 I 

Petroles Fra. ! 223 : +3.5 Norsk Hydro 663 , —3 

Peugeot S.A I 220 J' +0™! Storebrand 1 236 

Pociain I S4.7 +1.2 — ■ ^ 

Phn temps Au™...' 132.5] —2.5 

Radiotech - ; 308 —21.1 

Redoute ; 1,090, +13 SPAIN 

Roussel -Uclaf... .! 780 - —15 
Schneider S-A. ... 119.9, +0.7 . 

Sefi meg 846.4 -0;4 gur. gj ! pn c , 

Skis Rosslgnol. ... 1,260 , —10 ' ptaj 

Teiemeeh Elect.- 1^30 1 —5 

Thompson (OSFi. 31 2 +6 Bco Bilbao Z9C 

Valeo - i 285.51 +1.5 bco Central™ 1 33G 


North Bkn Hill....; 2.7 

Oa kb ridge 0.B8 

Otter Expl ; 0.65 

Pancont'l i 1.23 

Pioneer Gone. 1 1.55 

Reckltt&Coln.™- 2.68 

S?«spco ; 1.17 

Sarttos 6.98 

Smith (H.) ™...‘ 3.7 

Southland Ml n'gJ 0.3 

Sparges Expl I 0.4 

Thos. Natwlde ...i 1.95 
Tooth™ - ■ 5J! 


UMAL Cons. _■ 3.62 

Vamgas— • 3JI6 

Western Mining™’ 4,1 

westoao 1 3 bi 

Woodslde Retro L- 0.93 

Woolwortha. 2.45 

Wormald Inti 3.22 


; Price ■ 4- or 
’ Pta* i - 


HONG KONG 


GERMANY 


£12 +6 BCO Bilbao : 290 1 +8 

, 285.5, +1.5 bco Central™ 1 330 +2 

““ "* Bco Exterior.™.-. 203 ! +1 

Boo Hlepano ' 233 > —1 

Boo Santander...' 295 ; 

I l Bco Vizcaya. 376 j —3 


Price , + or 
H.K.8 • — 


Ptaca Dnt - 

PBun Coni Can 
OafaBStsrgacn ._. 

Basse (U 

ferfStentaaA 

RnAIgem 

ReydBrn* 

RoiaUneUA — 
Scqsre Res 


Mar. 21 • Price J + or Dragados « 

. Dm. 1 — Hidrola 

— — — — — -I- Iberduero™ 

AEG-Tetef B7.5( -0.5 Petroleos .j 

Allianz Vera™ 786 . +6 Telefonica. 1 

BASF J 166.4, +1 — — 

Bayer™. 1 169.5, +0.5 

Bayer-Hypo | 276.5) +0.5 

Bayer-Vereln ! 348 | +1.5 SWEDEN 

BHF-Bank | 289 ; 

BMW. I 411 +0 Mar. 21 I 


895 ; 

376 1 -3 
143 +1 

62.7' -0.3 
64.2- +1 
114.7 +3.7 
79.6, +0.9 


Bank East Asia...; 28 
Cheung Kong™...! 10.3 


AFG > 

■ AGS 
] AIA 

j ASK C S 
Aarfl 5 
' AcsBn S I 
, Arakin ,05s 
' Acuflaf 16 
Aftelb 
Adage s 
1 Advd 

1 MSsh s 30 
[AgnAt l ■■ 
lArtfee 
: AkCa 
Nofids . 

Algorec 

MegtVt 

AhgB s AO 
AHBn 5 J6 

AftW 

MtH 


,17b 17 17 
21% 71 21 -V 

15k 

15b «b 15b 
15b Mb 15b ‘+b 
12 11b lib -k 

21b 21-21 -b 
6b 6W fib -b 
1l> HU lib 
'9b Bk -b 
OTj 17 17b 
'16 19* 15b +b 

IS Mb i«i 
13b « 13b +b 
26 25b »% -b 
28 25>« 25b -b 


12% 12% +b 
IS Mb Mb --b 
23b 23b 23% -b 
5b 6b 5b -b 


5b 6b 5b 
12b i«, 12V 


Amcst s 
AWfet 

40 

ABrtcr 
ACarr a 

SOa 

AFOSLn 

.60 

AFtetal 

140 

AGreet 

.42 

AlnLC s 

ZJm 

AlnGp a 
AMS 

.44 

ANdns 

SB 


APhjfGp 
Altar 
AmSott . 
ASoirs 
ASmg 

Amnrs 238 
Amgen 

AnedKe .10 
Aniogic a 
Andyt s 


Andres' 

Ardnos 
Apogs s .12 
ApotoC ( 
AppfcC 
ApkAA 
ArgoSy s 
AnzS 30 


23b 23b 23V +b 
^ 9b Sb -b 
lib 13% 13% 4, 
lSb 15b «b +b 

18% 19 19 

29 29 29 

2«b 234 24b +b 

11b 11% H% 

55b 54 55b +1 

77b 17 17b +b 

34 23% 23b 

*»? 

17b 17 17b +b 

e s% a 
n 3% 3b -b 
*£ 41b *1% 

6b 6b 5b -b 

55 iS +b 

7 6b tt -b 
9b 9% 9b +b 
3n 31b 3>b 

8 8 8 +b 

lib lib Hb 

23 azb 23 +b 

26b 25% 28 
32b Wi 32b -b 
IS ' Mb 15 +b 
17% 17% I7b 


OenM 34 
CamSy 1 
Compaq 
CompC 32 
Coopep 
Corpus 
CCTC 
CmpA S 
CptAUI 

CmpOt 36 
w(CmpO 
CmpH s 
.CmpM s 
CmpLR .12 

! OngW 
ChiTsfet 18 

Cptlha 
Cispum 
■Owe 
ICemhr 
.Cmpshp 
Conch 
'ConCpd 
‘CnCsp 36a 

'CCjpRs 338 
,CnC«pS 336 
IconPap 220 
( Consul 
iCndnf s 
iCtLssr 

isst 

: Coots B M 
|Corem • 

| Conks 8 
iCoreSt SIS 
1 Conus 
Cosmo 
CmeC 
(Cronos 
ICnssTr 30 
lOweBk 
| Crump .40 

1 Cuban s 36 
ICycas 


22% 22% 
13b 13 
B 7b 
1S| 19% 

a a 

13b 13b 
20 % 20 % 
8b 8 


22b -b 
18% +% 
7% 

19% 

3% 

4% +% 

13% -% 
20 % -% 


12b «% 
3-18 1-« 


3-18 l-W 
12b 12 

%S 

14% 14% 
13b 12% 
fib 6b 
8 5b 
5% 5b 
8 % 8 % 
10% 10b 
5 4% 

8b 8% 
27b 25k 
20 18% 
28b 28% 
Mb 51% 
13b 12% 
7b 6b 


Wb +b 
16-1 -16 
n% , 

8b +% 
15 

14b "% 
13% +b 
6b 
6 

5b -b 
5% 

10 % +h 


Oenpd . . 

GdTsu .' 
Softs 

GookP. 68 
Gann 
GrpCSa S . 
GIAFdl 
GtOutd 
GBtyCt . 
Gu»nJ f - 
GB»UC 


2867 S% 

28 4% 


8 • . «b 

M3 17% 


ft! 7% 
3374 5b 


..66$ ’ W% 


7* ■« 

22 3% 


8% ,.»l +% 

4% 4b 
12b 12b +b 

17b 17% -b 

a, 7 . +% 
5 5%... 

lSb 10% +b 
W 10 -Ji . 
1S% 18%. +% 
17b 17b +V 

2% 8% ■ •; 


Chief price changes 

(ta pence 

; ■ UutOI WIH RKaCITOf yj 


■ 0 - 




H80 J .10 • 
HOC job*; 


8% 8b 
16% 16 
17b 17b 
1S% Mb 

10b 10 

Mb 17% 
31% 31% 
8b 7b 
13b M 
11b 11 
11% 10% 
23% 22b 
14% 14b 
11 % 11 % 
13 12% 

17% 16% 


8% -b 

27 +b 
20 +% 
26% +b 
M% 

13% +b 
7 -b 
8b -b 
16 -% 
17b -b 
15% -b 
10 -b 


Hski9f - - - 
HeriPt ...» 
HerpQp 30 
HthCm .W> 
Hhhdr a ■ 
HedhB.a .10. 
KechgA .M- 
HskriT a * 


: H-H 

275". '28%, 
5 • .ji ; 

358". 4% ■ 

2 a 

630 16% 

1 28 
5 12% 

4480 . 8% 
37 16% 


3 

314 -.9b 


Ml 20b 
73 14% 


23% 27%' +%• 

n. -ti . - '+% 

4 '4 ; - 
8 •..a-.i.r.- 

Mb Mb .. +%. 
38 .28 r-% 

t2% 3. +%. 
7b 7%- +% 
lSb Mb., -b- 
.16% M% ;+b 

«■ 14%. -+%. 


636 -16%. 

331 18b 


■ +%,'. 

W% +b 


17% +% 

31% +b 
7b -b 
Mb +% 
Hb +b 
11 +% 
23b +lk 
Mb 

11 % +% 
12b -b 


Homer 1 : 
HMNJ . 
HughSp JB 
HungTg 

HmgSn 48h 
Hureo 
(Mate . 
h«dSA S - 


784 21V 

48 . 15 


508 . 20 

■ 23 8% 


18 ; Mb ^b 
.iBb Mb +b 
M% .13% . +%- 

S ?!% -V 

14b 15- -■ . 

19b * . ' +iz 
8 •« v rb 
28% 23%'i'. '■ 
i«r Mb -1 « 
13b'U .. 

8 . 8 


Msmt JS4 

Icot 


D-D 

3 12b 


I OEJM3 — 1 

j Corp -j 

in Print I 

to El’aotHl 


168 . —1 
760 ' -10 
630 ! —10 
S41 +S 

800 ! —19 
413 I +4 
390 1 —7 

801 ; +23 


AsdHt s .12 
Asvwy 
AdntB s .80 
AJtonR s 
A (Safe 

Austron 

AimOc 

AulTlT 

AuUnTX 

Auxtcn % 

AumGr 

Aurak 

Avaier 

AZKMt 20 
Aziacft l 


8% 74 8 

17% 1 b, 18b -% 

8b B 8 +% 

25% 25b 25Ij +b 
28b 25b 28b +b 
9b 9 9 

6 5% 6 

18b 18 Mb 
19% 19% 19% 

14% 13 14 -% 

13b 13 13% +b 

tt 15% 16% 

21 20b 20% -% 

15% 15 15b -b 
9 n 9 +% 

4b 3% 3S 


DrenBw 
DSnDg .13 
Droid 24 
DaDss 2* 
Dm O a 
OtSmc a 
Dstscp 
Datura 
Oaeam 


131 12% 

111 12 . 


183 13 

89 20% 


26 12% 

647 Bb 


178 9% 

22 15 


China Light * 13.3 —0.2 TOTO 601 ; +23 

Hang Lung Devel 1 2JB ■ +0.15 Toyo Seikan — — ' 83S ! —24 
Hang Seng Bank.. 46J3S, +0.25 Toyota Motor™...' 1,280 { —70 

HK Electric i 7.3 ■ —0.61 Victor™ 2,900 j —SO 

HK Kowloon Wh_I 4.S7 —0.13 Wacoal — ■ 765 1 —8 

HK Land...™ • 4.02 -0J8 Yamaha — + 6S4 +4 

HK Shanghai Bk.i 9.66 —0.05 Yamanouchi |1^70 j —40 


SheBCaaOa 

Saspson Sean A 

Sirica 

Th*B._. 

Texaco (CanadaJ 

Tbeasea Nans A — 
Tansito Don Bank .. 

TranakaA 

Trans. Can. Pta 

Waiter Hiram 

VfcrtcoaM Tram 

MferemfGeoJ 


BMW. I 411 ! +1.2 Mar. 21 

8rownBoveri 217.SI —2 

Commerzbank... 182.7 +O.S 

ConfL Gummi.... 132^, +0.6 AGA 

Daimler-Benz 567 . +1 Alfa-Laval ... 


I Price . + or 
-Kronor 1 — 


Daimler-Benz j 567 . 

Degussa- 1 387 ; 

Demag 146 ! 

D'sche Babooc .., 171 1 


Alfa-Laval I 290 

ASEAiFrea).. 1 385 

Astra (Free) : 555 

Atlas Copco 126 


378 

290 ; +6 
385 . +5 


AUSTRIA 


Creditanstalt 

Goesser 

Into run fall 

Lae nder bank.— I 

Perlmcaser j 

Steyr- Daimler... 1 
Veitscher Mag... 


BELGIUM/LUXEMBOURG 
Mar. 21 'Price! -for 
. Frs. ; — 


u sene sanaoc ,1 x /i 1 Atlas Copco 126 • 

Deutsche Bank. J 387.7: +2.9 Boliden ! 425 • 

Drmdner Bankk™ 177 +0.3 Car do (Freer I 498 1 

GHH 153 I +0.6 Cellulose .! 1B3 ) +1 

Hochtief.....™ 500 Electrolux B 274 . +3 

Hoechst 179 . +1 Ericsson * 359 • +8 

Hoeseh Werke™.., :i7.5, Esselte 350 ■ 

HoJzmann IP) 439 | —10.5 MoOch Do ms jo J 460 I 

Horten | 200 | —1 Pharmacia ; 302 1 

KaiiundSalz 198 ( —1 Saab- Scania. j 374 i 

Karatadt 261.3 +2.3 Sandvik : 850 • 

Kaufhof 1 23B.6 Skandia ! 398 : 

KHD • 245 ; — 2.5 Skan Ensklkia ....' 360 ■ 

KJoeckner.-™ 64 ‘ SKF i 196 | 

Krupp 81.5 —0.5 St Kopparbergs. 1 730 

Unde - 374,5: —1.4 Sven Handelsbn.; 222 . 

Lufthansa™ 166.3! —1.5 Swedish (Match ™' 271 j 

MAN 164 +2.5 Volvo B (Free) 470 ! 

Mannesmann ....( 143.4! +0.9 « > 

Mercedes Hld™...1 507.5; +4 11 — ■■ ■■ ■" 

Metailgesell™ i 237 . -3 

Muench Ruock- . l.l 10 \ -20 

Preussag ; 269 +0.5 SWITZHULAND 

Rhein West Elect; 166.3' +O.B 

Rosenthal™ 245 < — 5 j 

Schenng 348 • ~2 Mar. 21 Price : 


HK Shanghai BK.I 9.66 —0.05 Yamanouchi 1 JTO ; — 40 

HK Telephone t 47.75 +0.5 Yamazakl™ • 778 f —1 

Hutchison Wpa...i 18.3 : —0.2 Yasuda Fire j 288 +9 

Jar dine Math : 13.5 ' —0.4 Yokogawa Edge.! 410 : 

New World Dev... 1 4.02. +0.02 ■ ■ ■■ ■ ■ — — ■ 

Orient O' seas ...™; 2.8 I +0.01 CINDAPDRE 

O aeaa Trust Bk™ 4 • +0.15 SINGAFOHE 

SHK Props. 8.15- +0.15 I i , 

SwIrePacA 1 19.6 +0.3 Marjl , Price; -for 

Wheel 1 k Hard A.J 4.15 —0.05 ; * “ 

Wheel'k M'time _■ 2.00 T — ^ ~ „ . ' _ „ — “ “ 

World Int Hldgs.‘ 2.8 ' -0.07 Bcusteffld Hldfl*™ 8.7 +0.0 


8.15- +0.15 M I i , 

9.6 +0.3 Mar Ji , Price ; + or 

4.15! — O.OB | S [ ~ 

i‘fl° 1 07 Boustead Hidgs™, 8.7 } +0.01 

Cold Storage I 4.42 I —0.08 


JAPAN 


1 f 

: Price + or 
, Yen | — 


Cold Storage I 4.42 < —0.08 

DBS lo.o • 

Fraser ft Neave-.' 6.2 . +0.05 

Canting™ ' 5.4 —0.05 

Haw Par. Bnw ...: 2.67 i +0.92 
Inchoape Bhd....' 2.88 . —0.01 
Keppel Shipyard’ 3.4 1 +0.06 
Malay Banking... 10.4 [ —0.1 
Malay Brow™ 1 6.9 . 

Multi Purpose— -i 2-01 , +0.02 

OCBC 10.8 > 

OUB™ ' 4.44 j —0.92 


BM9r 
BRCom 
BaWC 1 
BncoNo 1 
BcpHw 1 24 

fisnetse 
BmgH 130 
BkNEn 260 
Bans s 36 
BaxTn A .19) 
BasAni 

Barf s 30* 
Bm(W S M 
BsyBks 230 
BsMt s 
BetzU) 1 
BwHSo 
Big B s 
BlgB48 


I— B 

7b 7 7 -b 

T7 16% 18% 

9 8% & +V 

30% 2B% 30% +% 

22 22 22 
Mi 8b 8% 

12% 12 12b -b 

48b « <S 

20b Mb W» 


OSSA J2 
DsteDr .OSa 
D inter 
DamM s 
MODI 
DUgP 9 


1932 9% 

no 2S% 


12b 12% -b 
»% W% 

7 7% +b 

68 73 +5 

12% «% 

11b 12 
V*i Mb -b 
Mb Mb -b - 
12% 12% 

8 B -% ■ 
9b 9b 

M% 14% +% 

9 9% +%. 

2S% 26% -% 

4% ■*% -% . 


)mp« , AO 
hcM J30 
MOkO 

WoRs s ' • • 


302 7% 

163 S 


n. io to +b 
10% Wb 10% -b 


Allnomoio '1.030 I — io Multi Purpose....: 

Alps Electric : 8,660 | -60 OCBC — ; 10.8 

Amada H.B20 | OUB-...™.. 4.44 

Asahi Chem ' 446 I -6 Slme Darby. 2.59 

Asahi Glass 771 | —8 Straits SYmshlp-t 1.67 

Bridgestone f 580 I +30 Strait* Trdg ; 6.8 

Canon 11,410 j UOB. 6,55 

Casio Comp 1.400 +20 ' ' ■ 

Chugai Pharm .. >1,140 I +50 SOUTH AFRICA 
Citizen 700 i —9 


ARBED 

Banq |nt ALUX. 

Bekaert B 

Ciment CBR. 

Cockerlll 

Delhaize 

EBES 

Elect robe I 

Fabriquo Nat .... 

GB inno BM 

GBL 'Bruxi 

Gevaart 

Hoboken 

intercom 

Krediettonk. 

Pan Hidgs 

Petrofma 

Royale Beige 

Soc. Cen. Banq.. 
Sac. Gen. Beige.. 

Safina- 

Solvay 

Tract ionel 

UCB™ 

Vi el I la Mont 


..! 1,540; 

3,2001 
.. 3,270 
..- 3,110 
235. 
5,000; 
3,410; 
... 6,170! 
..< 2.190. 

3,140 
.1 2,525 
.1 3,140; 
-I 5.150, 
... 1.900. 

6,850, 

. 9.700, 

I 7,250 

. 8,ioo; 

! 3.240 
1,770, 
.! 5,690' 
.1 3,995! 
.' 3.250: 

5,000. 

.1 4,250; 


Schenng 348 ■ —2 

Siemens. ! 417.9" +9.6 

Thyssen 1 84.7 +0.9 

Varta ! 179 • 

Veba- I 174 . +1.1 

V.E.W I 121.5, 

Ve rein -West. ' 305 ' 

Volkswagen— 208J2 +0J2 


Alusuisse 845 ! -12 

+ 1.1 Bsuik Leu I 3,850 —90 

Brown Boveri 1,466 +6 

ClbaCeigy I 8,235, -5 

+0.2 do. (Part CerUi.. 1,780' —10 

— — Credit Suisse- , 2.280 —30 

EJektrowatt i 2,690 —5 

. Fischer iGeo.) ....■ 664< 


Citizen 700 

Oaiei ' 67B 

Dai Nippon Ptg ..,1,060 

Daiwa House 498 

Ebara™ I 382 

Eiul '1.860 

Fanue 12.0W 

Fuji Bank- 940 

Fuji Film ‘2,080 

Fujisawa I 755 

Fujitsu 1.480 


I SOUTH AFRICA 


Mar. 21 ! Price ; -for 

• Rand . — 


BwRss 

Bkxhm 

Bngen 

Bkwc 

BnJnc 

BhhQ • 

Bfcn s 1 
BohEv S 26 
BokTdi .161 
Bred)) 

Brenco 24 
BnstC s 
BraTon 
Braw 24 
BurtCt 

Bnrim S .19a 
BwrBr 

BHA 124 


37b 35% 3B -b 
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12 MonA P / Sb 

High law Stall Dw. Ytt E lOdsffiot 


Ghta 
Don PM. 
Is* ftaxrCtat 


Continued from Page 33 


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WORLD VALUE OF 
THE POUND 

every Tuesday 


in die 

Financial Times 


S 13% Vtfffl 
30% Vata* 
29% 10% Vrtffln 
7 .2% Vartl 

20% &b VKUh 
3 1 Warns 


V-V-V 

18010 6 1 15* ISi 15% -% 

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a 17 301 11% 11% 11% + % 

12 2 5% S% S% -% 

2 7% 7% 7% +%! 

11 1 % 1 1 -% 






































. ■ 1 1 "'H 



; ' : 




. r t* 

->• . :v--- ■'* 


"» i 

' -- ■■ ’’ 
• * ' i • ' .a 

. .. .. a * 


'■ .£ 

1 .(I 


J 

■■ " ' \e< '* f 


TH 


ug Ai 


■■ -‘ "v 

■ I N^j 

;■ ( 


Financial Times Thursday March 22 1984 


MARKET REPORT 


LONDON STOCK EXCHANGE 


US. and domestic demand lifts index to record 901.4 

Gilt-edged trade cautiously !Em»SS 

MarUM^S Mar W Apt Z ' w the sector staged a broad retreat 


Aeaoaat Dealing Dates - m m-m . 

Option f 1 rlJ. 

'First Dedan- last Account ■ -w- ■ B ■ m 

Dealings tions Dealings Day VJUl> 

Mar 12 Mar 22 Max 23 Apr 2 . 

mE 1 * ^to6l3p. while Uoyds, 573p, and 
8 NatWest, 645p, relinqnis&d 5 
• “ MwKtai - dN«o«i may Mt apiece. Midland, however, 
ptm Iran us are two business days resisted and hardened a few 
, • Pence to 390p following news of 

London equity markets con- the management chang es at its 
tinned their post-Bndget record troubled U.S. subsidiary, Crocker 
breaking run yesterday. The National Discounts drifted lower 
pace of the advance slackened on lack of support Union 
considerably, but revived VS. declined 10 to 765p and Clive 
and domestic demand for selected cheapened 3 to 57p, Elsewhere, 
leading issues took the FT Indus- Charterhouse J. Rothschild rose 
trial Ordinary share index 6 to X2Sp in response to publicity 
through the 900 lever for the first given to a broker’s circular, 
time to a close of 901.4, up 34}. Among recently-issued equities'. 


FINANCIAL TIMES STOCK INDICES 


?*»** toe Systot* Reliability continued Its 

index breached the 800 mark. - 'strong advance and gained 35 
Most of the day's activity took mor0 to 500p making a 230p 
place in the early dealings and Premium over the offer-for-sale 


once initial demand had been Price of 270p, PefaranoJ, the oil 
satisfied, leading industrials M(1 8as explorer, rose 15 to 268p. 
tended to drift a shade. The 111 toe Unlisted Securities 
underlying tone, however, market. Powerline drew fresh 
remained firm despite disappoint' support and rose 14 to 252p. 
ing preliminary figures from Robert Borne put on 8 to lOlp 
index constituent B1CC which the A non-Voting shares 7 
fell 17 to 268p. after 265p. t0 99p; the combined unit offer 
Hawker Stddeley, in contrast. was X56p. 

encountered aggressive American limber issues provided the 
demand and closed 10 to the good “terest 10 a generally usbdued 
at 434p; the preliminary results Adding sector. Comment in the 
are due next month. U.S, buying Financial Times stimulated 
also accounted for a rise of 14 demand for Travis and Arnold 



March 

1 » 

March 
£0 j 

March' 
JO , 

March 
16 1 

March March 
15 j 14 

year 

ago 

Government Secs ... 

63.15 

83.15 

83.10 

83.33. 

BS.18 

83,43' 

79,98 

Fixed Interest 

86.84, 

86 , 81 . 

B6.81 1 

87.18 

87,161 

87.48 

82.06 

Industrial Ord, 

SOI A 

807.6, 

883.1 

894.3| 

875.6 

864.6 

664.3 

QoM Mines 

690.8 

700 A 

694.9- 

688.4 

688.9 

703.1 

549.3 

Ord. Dh*. Yield - 

4.23 

4^5 

4.33 

4.23 

*.33{ 

4.27 

4.94 

Earnings. Ytd.% (full)- 

9.36- 

0.4i 

9.40 

0.2B 

9.15 

0.17 

10.47 

P/E Ratio (net) r>~-' 

12.80, 

12.B1 

12.86 

13.03: 

IS .21 

13.80' 

11.61 

Total bargains 

28,673 26,440 31,625 28,041 26,754; 24,305 

23,636 

Equity turnover Cm. 

— 

404.02 414.50 557.76 390.26 509 JT 206.26 

Equity bargains 

— 

24,894 38.641 

27,832- 24,116. £6,665' 18,574 

Shares traded (mQ— 

— ' 

215,4' 

222.1. 

274.8 

200.4. 

255.3 

128.7 


*H towards the marginals, spilled 

tlMCt |\|T over into the recently resilient 

1 1 B | W top quality Issues. Consequently 

the sector staged a broad retreat 
before steadying in after-hours 
under the lead of Associated. 15 trading, owing to light support 
up at 50Sp. Fleet hardened a few from the VS. 
pence to lMp, while United, The Gold Mines index fell 9.6 
annual results due tomorrow, to 690.8. while bullion dosed a 
rose 8 more at 34Sp. William net 75 cents easier at 5392.25 an 
Collins, also scheduled to reveal ounce. 


RECENT ISSUES 


EQUITIES 

• - liSlgSo! 1985/84 j 

=5 Is-Slgl 1 1 

as. Ms Jav. i 


I 1 
ill ftri 


S> !fIJfiw-| 


*t v.p„ - , « I 1+ielAberfeyle Hldan. Sp ...< 58 — 1 

nil F.P.. — 1 150 1 148 '•frBrint inv*. £1 i 140,— 2 

SlSrf ,F. P.127/4 [183 [166 iSurmateK XOp <174 

»BB 'F.p.l 2/3 262 lieo '*CML Mlc'a'tema 10p[262 '+2 

'67 l F.P.i — ,208 ;IB5 :*CP3 Computer 20p., 1BQ 4-13 
25 .f.p.| 13(4 ’ S3 is! as jCombium Venture Sp; 22 ■ 


'F.P. — 1112 

■F.P.' 4/4 *177 


*Ctrcaprint Hlds.lCp.lOB 
•£>Denmnna Electrical 176 


’F.P.; — /ISO 1110 «Dnw Warren !Op..;llB —6 
F.P.! — l 29 1 26 Hambmlnv.Tat.War. 27 


full-year figures tomorrow, closed 
10 up at 460p. 

Business in Properties con- 


The worst performers among 
the marginals were Durban Deep 
and East Rand Proprietary 


traded, but the undertone -which fell around S apiece at 
remained firm. After fluctuating £22} and £105 respectively, while 
narrowly, the leaders usually Simmer and Jack retreated 30 to 
settled with modest improve- 3l8p and Loraine 19 to 412p. 
menu. Capitol and Counties interest in Financials was at a 
gained the turn to a 1983-84 peak joy. ebb although the London 


*156 'F.P. 17/4 |101 . 83 
- F.P.. - , 99 i 18 

535 |F. Pj 23/5 [ 44121 SB 
II <F.P. 18/3 1106 . 7D 
!110 I F.P.i 3/4 '136 ;12B 
160 F.P. 4/4 84 69 

1116 iF.P.'eS/S 1800 160 


83 ‘iHornc dtoberti 2Qp.;ioi +b 
18 I Do. HIV *A* 80p....| SB +7 

SB f#KontUohni 5p 444, *2 

7D ,iJiLPA Irtda. lOp - 73 4-5 

129 Morceau Hldgs. 10p I32 ... . 

6B Morgan Comm, bp- 84 + i 
160 l-frliorbalnEleetro's 6p l90 4-5 


65.0 l.fl 4.1(!M> 
bl-4 1 3.4| 0.8® 63 
Ul.O; B.6j O.afclLB 

ulTo > 7.7 0.9il6.2 
43.6' 5.9' 8.9(11.3 

z } z zfc? 

u2.46'3.S 3.5 12-2 
u2.46l 3.5 3.6(11.9 
001.23,2.3 3.9-16.3 
ll2.4S| 2.6 4.8 11.7 
bg2.7' 2.6. 2.9 1S.0 
bgl.86 1.7(3.2.27.3 


10 am 802.8. tt am 901 A. Noon 900 5. 1 pm 901 A 
2 pm 901.6. 3 pm 901.6. 

Basis 100 Govt. Sacs. 8/1/58. Fixed int. 1928. Industrial 1/7/35. 
Gold Minas 12/1/58. SE Activity 1974. 

Latest Indent 01-246 8026. 

•Nil -12.22. 


of lSSp, while Hammer-son “A” 
hardened 5 to S50p and Hasle- 
mere Estates added a couple of 
pence to 478p. Elsewhere, Lalng 
Properties, at 264p, recovered 12 
of the previous day's fall of 16 on 
second thoughts about the annual 
results. Alfred Walker attracted 


issues benefited from the wide- 
spread throughout UK 

equities. 

In South Africans losses in the 
region of } were common to 
“ Amgold,” £881. Gencor, £17* 
and Gold Fields of South Africa, 
£18. The Bermuda-based Minorco 


160 (F.P. 4/4 84 69 r+Morgan Coirnn. bp.. 84 +1 |bgl.8b J.7[ 5.227.3 

1116 lF.P. ( 25/3 1 800 160 SfrNorbalnfLleetro's 6p ISO 4-8 bdl.O 1 4.4, O.B^S.O 

216 iF.PJ87i4 ;268 la63 .Our Price 20p 240 --6 ; bgS.o- 3.7i 1.7: 18.4 

tUS FJ*)zS/4 ,278 ,-240 Patranol 10p.- 268 -»■ » ( — 1 — J — — 

1120 F.P.I 13(4 1 156 1 140 !*Platon Inti {152—1 ■ bgl.84, 5.51 1.6!12.6 

160 lF.P.,13/4 256 |826 I^POWerlino Infl. 6p„.252 +14 ' bglA. S.Bi 0.B|4B.6 
160 |F.P( — : 70 I 64 t*Rad/o Clyde WV-. 66 —1 - 3.0 1.4 6.6 15.4 

W F.P.i — 1660 1640 Reed Stenh'se caa. At 665 so.SOc ' — I 5.0- — 

iF.P.j - 670 630 DO. Class « 650 IgSJIIc i - i 3.0 1 - 


iF.P. — (670 


J23 'F.P. 22/3 ] 27**1 28 *8angor» Photo. lOp.. 264 bgl.SE, 1.8) 6.9,12,0 

178 If.p.IiiiB i 108 iioe 4<SQiintronic 2»sp.. 1104 t-l , bgl.6 a.o: 2.2'za.s 

— F.P. — 641; i 69 Shires I vn. Warrants ; G! ;+l , 

870 .F.P. 19/4 !500 410 Systems ReliaJWI'y lOp 500 4-55 ■ g 3.78. 2.91 1.1,40.9 

H50 F.P< 915 1 64 1 4S »X»ilyx lOp ' 44 +1 — 

FIXED INTEREST STOCKS 


interest and added 4 to 74p. but eas Zj s ^ ^ f^nt 0 f the 

estate agents Bairstow Eves, a interjm figures expected on 
firm market since the mortgage rpw av 

ml, -> tn llUr. ffMaJ. 


rate cut, slipped 3 to I04p. 


Australians showed 


. Sft Ld 

Issue i § 3 IS p a 
price | os 

* SIM’ 


HIGHS AND LOWS 


S.E. ACTIVITY 


P & O Deferred held at 315p movements In either direction, 
awamng further developments although a number of the leading 
following the Monopolies Com- diversified issues drew strength 
mission's clearance of the bid from upturn in copper prices 


h I nigh Low 


J5 I 87.B18*£23 24/7 29V>! 25 1 Asian Dev. Bk. 10 1,* Ln. 2009 ! 88»s'4-,i 

I V « IF.P. - lOBipi lOOpjBAring Bros. 7K Cum. Prf. £1 1 100p| 


to 682p In ICL 


which rose 8 to 358p, while 


— U-D a 

49.18 >»* 1 


Govt. Secsi 83.77 77.00 127.4 49.18 

1 0/1/M) p*nm 18/l/tt) 0/1/0/ EqlJiJSi 
Fixed Int J 87.48 > 79.03 160.4 60.53 ; Barpoi 

llK/B/M) | (1/2/88) 1(16/11/47)01/1/73/ | Value 
901.4 49.4 


Ind. Ord.... 901.4 69B.4 

MW/M I k 12/I/M/ 


Another long list of company So«U>™ revived — — — f -- 

sasr su. •ssxsrs&i — aalaa sba 

fiffUSBS. fiJSSJ — *naa i 

s't.SSS » s se 2S5? ,na - ord - « as as 

sar.n&aipjw .as^asaa 

- „n aeA V brlskiy traded ana touched 215p - 

an extremely cautious note nnor to doslne a net 5 un at 

against a backdrop of worries 205 P . LeySndRitat added li to Kessey to 242p and Bacal to 
about a further possible increase £3*p on revived sS^ative High technology Btocks 

in short-term U.S. Interest rates interest. H stood out among secondary 

and yesterday's fresh fail in ster- A combination of domestic and issues. CASE -featured with a 


Inoe Com pilot'd; 


I Mnreh March 


169.4 17S.B 


from Trafalgar House, 6 dearer 
at 252p. 

Textiles lacked a decided trend. 
Sirdar finned 4 to 152p in 


on the London Metal Exchange. 

Bougainville, l?fip, CRA, 376p 
and Benison, 218p. were all 
around 3 higher, but MDl Hold- 


97.072.X25 1 2/7 38sa 2ai 4 Brtxlon Eat.2 1 ipc 1st Mort. Dob. 30231 28 la + U 

* • F.P. iMl3 lllipl 105 p Bulmsr (H.P.1 8^2 2nd Cum. Prf lD5p| 

II . Nil j 5/4 S44pm!S4pm|EROO 16** Un*. Cnv. Oh. 1980(91 R12 234pm-6 

99.16 (X2B 22/3 501*1 243 4 ,£/f < u.K./ 12k* I/ru. Ln. '92. 295* 

SEK.548 F.P. 6/4 LOOV 98 IGralngsr T«t. 111*5. i*t Mort. Deb 2024 l 100i« 

* t I F.P. 27/4 lOBij 1021* Hanson Tat- 8% Cnv. Un. Ln. 2004/09... 10Bi tl 4-T 

99.714X30 ; 26/4 3 9fc! 30 lint. BK. for Rec. A Dov. 11.5% Ln. 90031 34 


Bargain* 

Value 


5-day Average 
Gilt Edged 1 


Gold Mine* 734.7 444.6 734,7 

ilb/2/BD i.l/UlM) MbflitZ) 


M *» puss 

43.6 lEquities 
B/iO/71); Bargain* 
I Value 


response to the 36 per cent ex- lnES re maineci a vulnerable 

rtOftcinei ( n fii lLtrouv nvftfite In .—a 


161.3) 1B5.6 
816.6 837.8 


170.1 163.B 

920.1 841. 


anmial reailts being over- ^j^on for two weeks com- 
shadowed by the chairman’s rearing Apra 16. 
cautious remarks on profit m a i a ^i a c Tins continued to 
?5pns- Speculators showed especially Ayer 

fresh interest m Parkland A, Hltam, wfiicb advanced IS more 
7 up at Hip and Shaw Carpets, t0 260p following the increased 
3 dearer at 45p. Atkins Bros, prt> atsand dividend. S ungel Besi 
still reflecting acquisition news, a further 10 to a year’s best 
firmed S to 90p. , of 31 5p while Tronoh added a 

Rothmans continued to make similar amount to 280p. 
progress on vague takeover El«*vh<»re the encouraging 


to 242p and Bacal to nent with a fresh gata of 11 to still reflecting , 
flgh technology stocks 328p on continuing talk of a bid finned 5 to 90p 
out among secondary from RTZ. Glaxo rose 10 to S65p Rothmans coi 
CASE Jeatured witii a and Beecham, after fairly heavy progress on 


U A demandliftedlCIM to leapof 55 to 6«P, while Tele- to IlK SE 

™ ***?&*• b !5 632p. Among other Chemicals, “»**** reflected the .doubled edged forward 2 to 337p. BTR 


S97.B0t£B6 ;iB(7 ■ 31)1*1 261* Province oe Quebec 12*<% Ln. 9020 . ’ 30l»' 
99.44 X25 ,13/4 , 30 , 85 M Queens Moat 12* 1st Mort. Deb. 201 3; 30 • 
1 1 | F.P. 27/4:100 1 100S 4 Scot. Northern Inv. TEtllji%RcU}b.»D»,103S4-. 

99.893 F.P. |81f3 ilOil ICffiU Spain 12* Ln. 1989 104 

98.60 1225 '11/5 > 274I 24Tg|TR City of London llieDc Deb. 2014- t 27 

“RIGHTS” OFFERS 


of 3l5p while Tronoh added a 
similar amount to 28Qp. 
Elsewhere the encouraging 


runumrs and advanced 7 more to for antimony prompted 

iMp. with sentiment given an TCnewe d demand for ConaoU- 


|**ue 05 

price 


I Latent 
Re rrunc. ) 

I dele t- 


}S i+or 


jEj^Tssr^ksa atss-wsrtiraa a*;. nrs; 

stocks, however, recorded R. BL Horley moved up 5 to a Meaiec rose 17 to35*p for the jjhan-easiected annual results and meeting;. 
?r£ e X888^4 peak'of 60p. Smlths^ l fiftptowiB»proved II 

SSJfSLJSSSSL * „ - . Instru “ enls 8 to 2i3p on further Sderatkm BP ga 

H » me Charm bnoyant ^.“gig-in wJcg rfthe «gu re , w B pL 


additional boost by a "buy” 
recommendation from brokers 
Be Zoete and Bevan. Imps firmed 
3 to 147p awaiting today’s mwi»»i 


vr inZLZR Smith and Nephew improved 11 . 

dearS^at 206p VG ** ^ 2l3p on further consideration BP gaUL gTOHIld 


2009 stock dosing that amount Leading Retailers closed a previous day's Institutional- ,s ®** 

higher at £83. shade firmer for choice in rela- inspired rise of 10 left TI 6 

tively subdued trading. Burton, cheaper at 28Sp. Elsewhere in an bettcr at 11 ^» wWle Francis 

Lloyds brokers rise 81111 reflecting the preliminary irregular Engineering sector, 

wmii. r J . , , results, rose 5 more to 279p Pegler-Hattersley came on offer 

. vir*? following a recommendation from at 250p, down 8, while Stave] ey cfc.« i n r Ara ,«M AM 

in a buoyant Lloyds Broker brokers De Zoete and Bevan. Industries relinquished 6 to 256p. Share Information Service 

ae ^*5 1 J°S? > 8.% bl 8 her ** a °* w Gusstes A finned a few pence C. and W. Walker dosed 4* to Because of production nrob 


dearer at 206p. 

Profit-taking in the wake of the 
previous day's Institutional- 


Shade firmer for choice in rela- inspired rise of 20 left TI 6 
tively subdued trading. Burton, cheaper at 28Sp. Elsewhere in an 
still reflecting the preliminary irregular Engineering sector, 
results, rose 5 more to 279p Pegler-Hattcrsley came on offer 


of toe impressive figures and pro- B P made further good progress 
posed 20 per cent scrip issue, and rose to a 19R3-R4 hinh nf 4W)n 
Domin ion totemitkw.] .kart 7 

better at 11^>, while Francis In- dosing level of 487p, a net gain 

of 12, and a two-day rise of 19. 
Other leading Oils were rela- 

Share Information Service w t ere 

finally a fraction harder at a 
Because of production prob- year's best of 28Sp in front of the 


nl «Mn (nirMuf nn . C.. .j , u xMxause ui proa ui:u on proo- & oesi m zonp m iron! oi me /u. cm, wira ow t 

w *“rtbB r to 67^, b“t Woolworth the good at 24p after toe com- Jems, some of toe share prices preliminary figures due tmnor- in toe Maroh 220’s. 


Other leading Oils were rela- 233 trades respectively, 
tively subdued. Britoil were were wanted following tl 


dated Murchison which rose S 
more to a 1983-84 high of 955p. 

Demand for Traded Options 
remain ed at a high level with 
6.472 contracts struck. Operators 
again displayed enthusiasm for 
BP which attracted 902 calls, 322 
in the April 460's, 10 dearer at 
30p, and 493 puts, 362 of which 
were done in the April 390's. XCf 
recorded 686 calls with the April 
600’s and 650’s attracting 224 and 
233 trades respectively. GRN 
were wanted following the Mono- 
polies Commissi on’s veto of the 
AE bid. with 650 calls done, 288 


66 ! Nil I 26/3 
FI.93 Nil - 
630 F.P. } 21/3 
AS7.5 ■ Nil . 2/5 

lr.6Zp, Nil . 6/4 

— , F.P. — 
60 I F.P. 1 12/3 
130 1 Nil i 9/4 
80 ; Nil 3/4 
876 ( F.P. I 9/3 
R.60 ! Nil ! 23/5 
157 F.P, t 8|3 
635 i F.P, • 14/3 
185 FJP. ; 16/5 
16 F.P. a 1/5 
360 I F.P. 29/2 


! 2pm Ucpml'frAlrsliip Ind*. Unitat licpm! — .. 

12pm, BpmiAkzo NiV FI. 20 Bpm 

* 730 668 Applied Computer lOp 690 +S 

: 840pm 216pm Broken Hill PropASS 224pm —4 

' 412pm 1 Sis pm Cement- Roadstona 3i;pm|— is 

' 285 138 East Dagga Options 224 9 

i 66 'e 54 « Greenwich OableComm... 66 is j-t-4 

lBpm 1 8pm iGraevenor Group 19pm, .... 

• 4pm 2>ipm.Hawley Group 12>sp 2iepm| - 

, 326 307 Higgcflt Hill [ 330 —2 

800pm 500pm I Liberty Life R.1 - | 600pm +1B0 

■ 163 ■ 150 jMcCorquodale I 163 | 

: 840 745 {i&MIcro Focus lOp— i B40 i + w 

; an 2061a -Newmarket 5c ! 206 , + l 

30 pm S7pmfcheafbank Property lOp i 30 

[ 394 360 ISketcMer < 380 l 


to 445p in front of pletton of a put-torough opera- contained ln yesterday’s edition row. while Trieentrol, which 

Heatn advanced 18 to 370p and tomorrow's full-year figures, lion late on Tuesday. Bralth- under the FT London Share reports Interim result* later 

Stewart Wrfafcteen gained 12 to Company tradfng statements walte rose 6 to 163p and Evered information Service were not today closed 3 cheaper at *>1211 

prompted pccasional buying put on 5 to 122p. _ . fullv^ated M W^n-JSa» fur Similar fall* WB«*fmhmnn £1 

sansracuon witn tne out-of-court enthusiasm for secondary coun- 


settl emant of the Australian ters. Heme Omrm spurted 18 to ing. Tate and Lyle continued to 
bush-fire" suit, Sedgunek rose 173p, the £16. 5m rights issue attract support and, in a market 
sS m ? r S« 5r tbree-day advance of being outweighed by the more- short of stock, rose 7 more to 
22at_2wp. . HQnet put on .6 to than-doubled preliminary profits 4l5p, but S. & W. Berisford shed 
j65p^HBi^d oy. Brittanies good and substantial dividend increase. 3 for a two-day fall of 10 to 286p 
r esults, -Life Insurances took the' Harris Queensway closed 8 up at as selling persisted. Late demand 
previous days rally a stage- 358p, and MFI 3' dearer at lS4p, left Unlgate a penny dearer at 
further. Br itannic closed.15 to .W.W, also : rfevealed a sizable 130p, while steady buying lifted 


Foods made an irregular show- the inconvenience this mayhave 
ing. Tate and Lyle continued to caused readers. 


fully updated. We apologise for Similar falls were common to 
toe inconvenience this may have LASMO, 28 Sd, Shell. G63p and 


SE 100 INDEX 


CIogs - 1130.7 (+7/41 

Ultramar 71Kn ’ * Day's high - 11303 (4 38 pmh 

Ultramar, /u»p. Day's low 1128.1 (9.35 ami 

Among second line issues (Ba8a value =1000 Decambsr 30 19831 
Xebseas Drilling attracted strong _ 

support following the annual 

meeting and Jumped 35 to I60p. ACTIVE STOCKS 
Clyde Petroleum edged up 3 to ” v * 

I40p; fall-year results are ex- Aim* avinwt activity mu non* in 
pected next Tuesday. thB lol,owma s “ cks ^f^na’ o»y'* 

Irish exploration stocks moved stock pftce change 

erratically. Atlantic Resources ae re - e 5 * 

dropped 20 to 500p: Irish Press Armstrong Equipment... 38 — 

reports intimated that Gulf Oil ®J, CC — Xi? 

is about to commence oil flow K*. !" ttn +7 


the good at 405p and Refuge 
appreciated 18. at 4S5p. Pearl 
improved 10 to 744p and Pruden- 
tial moved up B to 44fip. 


dnstrifs hardened 3 to 124p 
following toe Board's rejection of 
Suter’s bod. terms. Rocfcware 
plummeted to 29 on news of the 


al profits and United Biscuits 4 to I57p. Outside final dividend omission and size- 

. ore closing a net of toe leaders, Bassett shed 5 to able annual deficit before rally- 

ier at I68p. Dixons provided 140p; Avana’s share-exchange ing to close a net penny dearer 

er noteworthy feature, offer closes tomorrow. Maynards, on foe day at 34p following con 


Sentiment in the major clear- rising 12 to 277p ln the wake of which recently fought off a saderation of the ebaiwnan's 


Rsnuncfatlon data usually last day for dealing free of stamp duty- b Figures 
based on prospectus mtimetm. d Dividend rats paid or payable on part of 
capital: cover based on dividend on full capital, g Assumed dividend end, 
yield, u Forecast dividend cover baaed on previous year's earnings. C Canadian. 
F Dividend and yield based on prospectus or other official estimates for 1984. 
H Dividend and yield based on prospectus or other official estimates for 1963-84. 
Q Gross, p Pence unlBis otherwise Indicated. 1 1ssued by tender. U On ore d to 
holders of ordinary shares as a "rights." ** Issued by way of capitoliaation. 
§s Reintroduced. 11 Issued in connection with reorganisation merger or take-over. 
■ Allotment letters (or fully-paid). HU introduction. 4 Unlisted Securities 
Market. 5 Placing price, tl Official London liming. ■ Offered ea units, com- 
prising one ord and one U/V A ord. t Offered as units, comprising one Red. 
Pfd. Share of Ip and 55p of 12 per cent Com/. Ln. stk. 1966-90. # No per value. 


ACTIVE STOCKS 


BfCC 268 

BP 487 


RISES AND FALLS 


ing banks remained unsettled by & bullish circular from brokers partial bid from Mr Lewis E. accompanying optimistic state- * . commence oil flow Gold Fields en 

fears that the withdrawal of tax ThiLUps .and Drew. Cartier, slipped S to Z45p await- meat. Best obeli fell 19 to 344o t ^ 5 2f appraisal well ioratM Hawker Siddeiay 434 

“ ,i “* “ — 1— i—. — " w< m * ~~~ j — * — ■* -*■ ■*— - — — -..j— j. — — 1 -—.I*- •• — - - / ' n: nf w Atcrforo- ,ri 


relief on leasing profits and the 
corporation tax changes will 


Apart from BICC, interest in ing 


other Electrical leaders was at a 


force them to come to the market fairly low ebb. GEC eased a 


Miscellaneous 
leaders passed 


J s annual results. 


another 


nuts. on the disappointing prelii&dnftrv Sir u w 

Industrial results. premmnary Biyson, however, advanced 20 to 


for fresh fnmte. Bmtos, gave up couple pence to 202p, as did PilU-gto. were promi- S 

j a 1983-84 peak of 271ip awaiting 


off the coast of Waterford, ici 632 

Bryson, however, advanced 20 to PiWngion Bros. 338 

245p, boosted by apecutative in- "“I Sis 

_ . , Turner and Hawaii 94 

Overseas Traders featured wdiis Faber 766 


FT- ACTUARIES SHARE INDICES 

These Indices are the Joint compHatien off the FinanclaJ Tnes, 
the Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 

um ta parenfceses show «anbe 
docks per sectioR 


X CAPITAL GOODS (295) 53X05 — 

2 BuOffing Materials (24) SXA29 +1-1 

3 Contracting, CooUncOon t34> . 77132 +05 

4 Electricals 05) 176736 -2JS 

5 Ekctronics CM) HSMS HU 

6 Mechanical EngJurertnfl (63) — I MM1 +&2 

8 UtUfe and Metal Forming (9) ZSMS +OJL 

9 Motors 077 M55L -OA 

10 Otter lotetrial Materials att MWS +0.9 

21 CattSUMCtCefiUPaSS) 532J» -MU 

22 B rewe r s and DtetMmCZS) S38J2 +0J 

25 Food Manufacturing (22) MBJ.4 +03 

3b RoodRetaffingOD 323U7 +A5 

27 Heahhand Househofd Products (9>— 82X16 +U 

29 Leisure (22) 70MQI -M 

32 Newspapers, PebfisMng 05) INtJf +L0 

33 PactaBbvMd Paper 05) 24831 +03 

34 Stores (47) : 49M9 +0S 

35 Tedflcs 09) 28939 +13 

36 Tobaccos (3) 59136 +L4 

39 Otter CaSHWr (B) 4M.7S +A6 

41 OTHER GBOUPS (84) 46536 +L0 

42 CtendiabOfi) — 63S3S +13 

44 Office Equipment (5) M2L50 -13 

45 SMpptag and Transport Q4) 92836 -02 

46 Mbcetlaaeons(49) 62Z35 +-LR 

49 INTOSTRIALfflMWP (4>4)~ 527,17 ^03 

a. ttfc 06) IllgLMj +M 

59 577JS +83 

61 nNARCUU. CROUP (120) 38632 +A4 

62 Barto(6) — 585.54 -08 

63 Dfscowt Houses (7) — 46531 -3.9 

65 hwuance(LaeH9) ««81 +13 

66 I m m ance (Composite) (9) 27157 +03 

67 hgawtBwtosHM. ■ 740.92 +53 

68 Maetaoi Bate dZ) 25832 +3.9 

69 Property (53) — 573*6 +03 

70 Otter FhancfafOa 

71 investment Traits (106) 527.99 +18 

81 Mining Fiance (4) 33023 +03 

91 Oreraas Traders (15) S36J7 

99 ALL -SHARE INDEX (7*5) 153)80 +03 


Wed March ZX 1984 

Toes 

Mar 

» 

tea 

Ha- 

10 

FH 

M» 

U 

The 

Mar 

IS 

r 

to fee Hay’s 

Ha Onge 
% 

at Gh» 
Earatos Dh. 
YfcM% YUDfc 
(MaxJ (ACT at 
-SOW 

8J9 3M 

Ed. 

WE 

Bate 

0W> 

1533 

lafo 

Na 

total 

Ha 

33031 

total 

Ha 

total 

Ha 

530M 


438 1232 51238 58931 51053 49831 44744 

433 1039 76789 76078 76543 75634 79236 

333 1839 188232 179U3 179219 173337 162132 

234 1639 U6B32 186836 188644 U26J4 83 

433 1247 24836 24631 24541 24138 21941 

5.97 1241 20942 20734 20931 20742 179.95 

336 — 146.86 14449 14358 14028 9640 

MO 2949 68431 67748 68027 676.77 41940 

335 1342 52944 524.98 S3239 52139 4U47 


today’s annual results, while 350 d following toe app< 

Centrel TV N/V. also reporting of Mr George Turnbull 
today, added 3 to 330p. aging director. 

Another lively trade developed Among otherwise 
among Motor Components. The Plantations. Applied ] 
early business was dominated by formerly Sampan* (Ja 
AE wlhkjh dipped to 84p in imsne- now dealt in the Uotistei 
diate reaction to toe Monopolies ties Markets, skimped 7 1 
Commission's veto to the bid toe announcement that 
from GKN; AE staged a modest Buatoo Garden subsidj 
rally following the chairman’s faU to meet Its profits fa 
encouraging view on future trad- fO- 3 ® **“ the year to Mai 
ingto close (4 lower on balance i„ nA 

at 89p. GKN touched 220p, before vaOlttS lOSC grOURti. 
settling anet 3 up at 2lSg. Auto- A combination of another an- 

inspiring performance by the 
^ . 6 ^. reflating further con- bullion price and renewed 
siaeratiou of toe animal profits strengto In domestic equities led 
recovery. to signs of dissllusiomnent 

Relatively neglected during the fttrougbout mining markets. 


_ . , Turner and Hawaii .... 

Overseas Traders featured wiiiis Faber 

Inch cape which advanced 10 to 
350d following toe appointment TUESDAY’S 
of Mr George Turnbull as man- ^ 

aging director. ACTIVE STOCKS 

Among otherwise subdu ed 

Plantations. Applied Botanies, Baaed on bargains recorded In Slock 
formerly Sampang (Java) and Exchange Official List, 
now dealt in the Unlisted Secuxi- „ . No. of 


Day's 
chanae i 


Rises 

Falls Same 

- 64 1 

British Funds 

Corpus. Dorn, and 

46 

6 

52 

-17 

Fbre/gn Baade ... 

K 

4 

59 

+ 12 

Industrials 

358 

228 

B29 

+ 2 

Financial and Prop 

188 

77 

2S9 

+ 10 

Oils 

24 

26 

7T 

+ 14 

Plantations 

6 

2 

12 

+11 

Mines 

31 

66 

75 

+35 

Other* 

102 

38 

W 

+ 7 

— 




- 5 
+23 

Totals 

780 

445 1.428 


toe announcement that its New ciwe wireiaa* £ 
Ruaton Garden subsidiary will bp ...™. ..“ m 

fail to meet Its profits forecast of Glaxo is 

£0J3m for toe year to March 1984. «^ro uio ... is 

Rackitt Col man 18 


Land Sacuritlas 17 
Hwkr Slddeley 14 

Logic* 14 

P. & 0. Oefd. 14 

TI 14 

BTR — 13 

Beecham 13 

ICI 13 


No. of 

Tuwt. 

Day's 

changes close 

change 

21 

4B5 

+ 10 

20 

377 

+ 14 

10 

475 

+ 7 

ia 

855 

+15 

18 

410 

+10 

18 

480 

+22 

17 

282 

+ 8 

14 

424 

+16 

U 

420 

-16 

14 

315 

+15 

14 

294 

+ 10 

13 

477 

+ 7 

13 

335 

+ 7 

13 

61B 

+ B 


OPTIONS 

First Last Last For 
Deal- Deal- Declare- Settie- 
ings ings tion ment 
Mar 5 Mar 16 June 14 June 25 
MarlS Mar 30 June 28 July 9 
Apr 2 Apr 13 July 12 July 23 
For rote indications see end oj 
Share Information Service 
Calls were arranged in London 
and Liverpool, Amalgamated 
Estates, Petranol, Bryson, Dares 
Estates, W. EL Norton, Mnnford 
and White, Sangers, Kamar 
Textiles, Aran Energy, Mining 
Supplies, Kwik Save Diacount, 


Brunswick Oil, Bryant and 
Newman Industries. A pat was 
taken out in W. E. Norton, but 
no doubles were reported. 

NEW HIGHS AND 
LOWS FOR 1983/4 

NEW HIGHS (205) 

BRITISH FUNDS (11 
LOANS (1/ „ 

FOREIGN BONDS (11 
AMERICANS (31 
BANKS (2) 

BUILDINGS (at 
CHEMICALS TO 
STORES IB) 

ELECTRICALS (91 
ENGINEERING (10) 

FOODS (2) 

HOTELS (11 
INDUSTRIALS UI8 
INSURANCE (« 

LEISURE (4) 

MOTORS (2> 

NEWSPAPERS (H> 

PAPER IT) 

PROPERTY m 
S HIPP ING (21 
TEXTILES (6) 

TOBACCOS 111 

"SSF18* 

OVERSEAS TRADERS (4) 
PLANTATIONS (11 
MINES (31 

NEW LOWS («) 

ELECTRICALS (11 
INDUSTRIALS (21 

Seuncfco Wilkes a.) 

LEISURE (1| 

TRUSTS (1) 

» . GILS (21 

Lon. Amer.JEDCfRV Lon. Amer. Energy 
N-V levs. 

MINES (11 


1091 53838 527, 
8J9 481.95 488. 


53337 522 .28 44SJ5 
402,99 39939 34448 


market’s recent buoyancy. News- South African Golds finally gave 
papers attracted persistent sup- way to Johannesburg and local 
port and dosed at the day’s best selling which, at first directed 


EUROPEAN OPTIONS EXCHANGE 


LONDON TRADED OPTIONS 


Apr. | July | Oct. I Apr. I July 


1942 mM6 1224JB 124X60 12M14 8X248 


243 MU 8U8L 79632 81*78 80089 73939 
3.99 3585 711.98 75*47 70586 69*41 51580 
386 15.92 129638 128686 I292J0 128586 75945 
U9 3286 2*647 2*582 24985 24533 16848 

AM 1989 491.98 4*7.98 49042 48069 35LC7 

489 3075 28634 28*89 2S585 28146 19833 

584 63* 58382 57240 57835 57081 45738 

582 — 47734 47681 47436 463.71 37731 

441 1078 46043 45430 45688 44736 33545 

489 1181 62584 61983 622.73 60635 43059 

547 1789 144.90 14447 14486 14283 10381 

484. 15.95 93038 90731 9X7.96 91321 65134 

548 1533 «t« 00734 60949 89785 OTfl 

_385 1 1380 52587 S21J1 52641 51539 41587 

098 j 1088 fUJI37|mU * |liaOa> TOJA 

442 1 1388 57483 569LTB 57587 56347 44206 

022 — 38028 38238 38682 33X50 31*79 

733 4.90 30948 38732 39583 40046 33089 

643 — 47489 47485 47548 47447 30348 

481 — 46740 46468 46061 49*43 39026 

680 — 27079 26786 26982 26448 19S42 

443 1488 71543 78785 78087 68747 58583 

388 — 24582 21640 24079 24*23 16424 

345 2587 574.72 56880 57091 56781 46784 

488 1148 28067 28041 28283 2X059 25829 

341 — 52282 S2L98 519.91 50031 41226 

*42 1097 32985 32091 32624 SMI 24983 

639 1787 58289 57983 58*46 57423 OM5 

4281 — 521201 52*M| SZ889I 5188*! «UL29~ 


ass 


— 522 

2007 783 

— 643 

— 481 

— 680 

982 443 

— 388 

521 345 

1021 488 

— 341 

006 042 

780 689 

. — 028 


FIXED INTEREST 


HICK 

unices 


1 5 years 

2 5— 15 year* 

3 Over 15 yean > 

4 kndeomUts- 


13343 +008 13345 


15987 — 15387 

1SL46 +006 13188 


6L— »- 10054 +041 10942 
*„[ 77.M 1 -6J0] 3015 


W* 

M afi. 
198* 
to (tee 


127 

BAD 

XM 

— 

255 

— 

UB 

&U 

25 7 


207 

_ 

232 " 


AVE8ACC UOSS 
BEDEHFTKM Y18US 


Mttdi GoWRRMrt 

1 Low 5 years-. 092 

2 Coupons 35 yea/s. MM 

3 25 y«n_; 068 

4 UeXm S yon—..^... 1885 

5 Coupons 15 yam . — 1055 

6 25 yews nUtt 

7 Hfgh 5 yam. UM 

B Comub 35 yews—.—. 1867 

9 25 yean «... 10X0 

10 IiwdeereiWes f 965 

31 MX( 5 wars.: 1121 

12 L» 35 wars. — 3187, 

U 2S yens. 1141 

1*1 iWlMM ttso" 


IFbtriMd. HUaal fans mord. base datiO vatass and ennstitueat changes are publisted la Sam** bam. A fisurf constituent; 

AOOmONAL WEEKDAY FOOTNOTE 


GOLD c 
BOLD C 
GOLD C 
GOLD G 
GOLD C 
GOLD P 
GOLD P 

SILVER C 
SILVER O 
SILVER C 
SILVER C 


ABN C 
ABN C 
AH P 
AH P 
AKZO O 
AKZO O 
AKZO C 
AKZO C 
AKZO P 
AKZO P 
AKZO P 
AMRO C 
AMRO O 
AMRO C 
AMRO P 
HEIN C 
HEIN C 
HEIN C 
HEIN P 
HOOSC 
HOOGC 
KLM C 
KLM C 
KLM C 
KLM P 
KLM P 
NEDL O 
NEDL G 
NEDL C 
NEDL P 
NEDL P 
NEDL P 
PHIL O 
PHIL C 
PHIL O 
PHIL C 
PHIL P 
PHIL P 
RD C 
RD C 
RD C 
RD O 
RD C 
RD P 
RD P 
ftt> P 
UNIL C 


May 

VoL I Last 


June 
4 1 0.98 
B 080 
10 0.26 
30 I 0.09 
April 

22 i 10 i 
63 1 4.60 

as - i.6o 
is : 6 a 1 

860 3.40 1 


Aug. 

VoL i Last 


9 j 22 


Nov. 

VoL i Last 


— 11392.36 


Cons. Gokf ( 460 


17 I16.GO 
Dec. 


600 130 
550 B2 
600 40 

650 U 


Optio n 

LASMO 260 
(•288) 280 
300 
330 
360 
390 


May I Aug. / Nov. I May ) Aug. ) Nov. 


— S 
50 lO 
36 25 

IB 50 
— 80 


2 1.50 — ( — «9.60 

Z 086 Z | 1-20 w 


Courtaulds i 
C144) 


Com, Union! 
CIST/ 


- T r 

— 1 2 — 

— 1«» 8 — 

26 2 3 6 

18 5 7 9 

B IS 20 22 


1 — 
Ha — 
2i* - 

7 8 

16 IB 


F.110 Z76 { 1.601 


SB 14.10 F.97.60 


505 : 0.70 10* 

532 ' 0.20 26 

07 1.30 112 

39* 6.40 200 

29 '15.20 B — 

2/2 £7 

776 ■ 1.10 16 

■ nnn 

68 i 2.60 — 



660 142 
600 97 

660 57 

700 85 


Grand Met. 
C33S/ 


F.130J 

F.ioq 

104 

18 

F.160; 

3S 

F.160| 

32 

F.OSJC 

s 

F.BB.aoj 

25 

F.1BO] 

67 

F-azo) 

17 


108 11.50 

6 7 

15 9 

42 3.60 

4 280 

3 22 

25 5.50 

*6 840 

20 1240 | 


F.*tf90 

F. 166.50 


276 68 

300 42 

52S 22 

330 — 

BOO 130 
650 80 

600 36 

660 g 


Vaal Reefs 100 
(>8137) 110 

120 
ISO 
140 


411* — 

32 — 

23 251 

16 19 

11 14 


1 r* 

«tf 3>* 

I 2' 9 

I iai* 


2U - 
4*4 - 

7*4 9 

12 13 

17 1B1* 


27 | 9.60*1 6 


Lana Secur.l 836 


Marks ft 4p.i 220 


Option j Mar. I Juna | Sep. [Mar. I June ! Sep. 


F.46i 138 
F.BO' 878 
F.6G 763 
F.45 67 

F.BOi SB 


F.140 84 

F.1BO 352 
F.160I 657 
F.17W 574 
F.140; 466 
F.150S 56 


25 7 -29 13 9 ) 

38 3.80 23 5.70 i 

178 140 877 I 340 

'63 0.60 — - l 

67 140 SB 2.50 ; 

38 3.7081 — } - ! 

28 23.60 1 25 A 

84 14 S3 17 ( 

52 6.70 75 11.40 , 

57 3.10 136 7.50 

74 1 ill 3.80 i 

68 j 1 74 3.80 j 

56 3.30 : 66 8.50 \ 

F.lfiO 620 9.50 | 666 14.60 1 

F.BW 507 [ 0.70 Bl 3 7 


Beecham 

C338) 


Da Bears 
(*8850/ 



Mar. 

880 

58 

300 

38 

8.40 

a 

3bb 

1 

386 

1 

300 

^7 

330 

37 

360 

— 


TOTAL VOLUME IN CONTRACTS 15.788 

A=Ask B=Pid C-=Cail 


Shall Trans.) 650 ills 


Barclays 

("614j 


ImperfalQp. 110 
1*148/ 180 

130 
140 
160 


750 106 
800 55 
B60 5 
900 2 


70 a 
55 8 

31 1 

- aa 

— sa 

80 a Ug 

63 I S 
28 J ~ 


3 6 

7 11 

18 20 


13 20 

SB 35 
50 65 

86 SO 


Nov. I May | Aug. | Nov. 


— 3 

62 17 

37 38 

- 88 


Guest Keen 160 
(*217) 180 

300 
320 


58 60 

38 41 

18 29 

0»c 16 

~43 SO 
30 37 

17 28 

10 22 
3 18 

1 11 


Mar. 21, Total Contracts 6,472. Celle 5,121. Puts 1,351 
'Under fy.'ng security price. 


T* $ 

J il . ■'*" 





























































































































































































37 



1. 

. V *>' 










\jFinanciaJ Times Thursday March 22 1964 

INDUSTRIALS — Continued ! LEISURE — Continued 

M *ta | |W| 1M-H [ ( Uk,| 

Met Inrlcrtint hu u>l stm* I mu I - I w I 


tw« 


•»i 

■ - w 

'M 

■ 4 $ 

Mi 


v ■ n 

- i it> 

’ •• 1,2 . 

; .5 » , 

- »ljl 2J 

. r Hi 

• • .*» 

: 'S 

■54 
?71 
■ 50 

1 or 

•• 4 * 

• -W 

<5 

” '64 

71 

* -r> 

a* 


40 

‘■125 

.•50 

. 1 41 

•.I* 

.. 1 -W 
. . . 94 
1 ‘31 

IM 
t 42 
.107 
94 
» 
71 
.580 

l 128 

JIl 
■ . 48 
l. *i 
I5» , 
. .’A'ji 
• 97 

' uro 

IV* 

268 

170 

'& 

■ - 95 
24? 
•80 
• 127 
. .110 
•«2 


12 4 

■ 215 
100 

154 

15 

• 48 

■ 235 
132 

‘lid 

. 240 
i 44 

s y 

5b 
' 302 
. 120 
. 5b 
128 
141 
87 
5b 

£ 

xn 

155 
335 
330 
105 
135 
lib 
45) 
181 

Bb 

34 

110 

•427 

21 ) 

5b7 


45 , 

£ 47 ^ 

74 *" 
92 , 
2714 
140 
84 
21 ) 
m 

130 

137 


I 32*jh*cOGrajp, _f 61 (til v».rtzjl2?l?l4 

lOf MMT OWH/Wl 

Ib Y.DarlilOp & 

134 h*Yrth, Pft 200,- Ml 

128 WartyUWfGa. MS 

.<) wacwunTOp 38 

11 MdCDteneniD.I— 87 
41 (MagmlU Group 
«B MMimmMhjpi.jito _ — ..... 

ktjn. Ship Car. £1 . 262 1-8 . ...... 

48 Wfetoy B6xft I JjtojjSJ 

JOMMrofmg Ind 100 - 47 kM tl-Oef^ 

75 (Martha*! !.'«». ■«■ ...) 3S hi I »lil 

Marshari'l Ufli. .. 

ta art uy Black 1 

£8J totealtam 

154 (Wetal Bra U 

104 UrtU Closures-—. 

14 M«M4i5(>mo2>^: 

6 WeCtoiK Jentiqw.J 
70 fcMfiSand Mart* _. 

70 |Mt*»n Cifp |p _ 


□50 


W ’UMO 5PC 8?4k J&12 


32 

39 

5b 

227 

1205 

123 

727 

[203 

b8 

41 

42 
'270 
[255 

82 

3 b 

bb 

151 

127 

1)50 

14 

19 

£25 

48 

38 


7b Mororo Crucxrir 

54 Mass(Rs6t.i lap... 
155 MOW Coagxners. 
4Z*a Nash hxJv . 

II Ned&5p’KfTlO0.J 
New Eaipp Ilk— 

Nothin 

NOrOUt — — 

feu-Swrft 5t> „ 

OdHwaail Gro- 

OfficeB Elect.. 

__ [kiflJme inti SA ... 
]3ljDvefRtorvl?>jC — 

£4Jlj DzataJ FolCv 

150 ftPCTGrplDp .... 
45 0 H. industrials «... 

I II Proffer hmfi "A'_ _i 

232 Prods*. Whies i 

1270 PiunattSlftSan 

10 Pert HaMOngk j 

82 Peerless. 

PentlrodlOp 1 

9 PenUelOp — 
Philips Promt 
PtHao-MeSOp 
PPUnjusn Br.tl_ 
PdiFy Bones Ln..~ 
PlastictomL IDp.J 

Pfaiignun 5p.... ’ 

Polly Peck Ijp | 

Poiyrrwirt !0 d 

Ou-CmPiALl 1 

(Portals. 

PowfU Outt. 5Qp 

(Prtsirgf Grot* 

[PntdurtJ 5* 

(fPuHimrler 5p. .. 
JO.F.p. Group 10p - 
[R-Khmi WeUC. _ 

(RrofeOrg 

Pertm* CtHmrot-. 
Rnttero. CUsv__- 

Rprd Eerc I Op. 

MnllHUl 
jDiHiwce Ind 20p_. 

Renown Inc Y50 .... 
jRoMtek Group. —4 


£165 


RnmoTO 

RtanJo 

Rock lOp 

PMhwe.. .... 

MoHfGPMro 10o_i 

iRopner^. 

DO. 'A‘ 

RotdpcmtSp , 

IfellltfcCePtU .J 

RunHi (A 1 lOp 

10>3 Ryan mfl 5p J 

27 5IG DMU 

28 SI Group 5p 

152 Sale rilney.._— 

SI 5MMuit MkL 10p — | 

14 Sanqecv...-. 

170 Scapa Group. 

U5\ SchluadxrgvSl _ 


Scoll Rotertion.„ 

Scot. HenUble 

|5MnHld4S. 

eaincorGp. — . 

Do.’A'NV. 

RKecurk)uardGrp50 
(Security Services — 

Do. 'A' W-V .4 

Slurna Ware 20p_. 

OShddon Jones. — 

SMQh 

SWtaw Group SOP- 

Sitte Gorman 1 

SHentmBit 10p.— 
Sibr'rdiofTte I Op — 
h5Mctkr !WmJ_ 

SmmiANMi.'TopZ 
StmVK loi.50p — | 
Sofie. Ld«20p— .. 

Sonde 

SoneamllVlSASO, 
Spnta* 16, WJ20p ^ 
Spear LLWJ 


13 h ipongHWOSSp— 

118 KpnngllamlOp.J 

22 SlaKs.Pota -{ 

82 DB.10ptOMMPrt£l 
88 5la«Fi«iftuw.;..-. 
92iz»MlesslleBitn«tt_| 
9oystd.nrwwte 


55 

328 

294 

116 

188 

81 

2bS 

173 

168 

8 

125 

b 

1 U 

130 

4b 

252 

237 

113 

114 
80 
58 

104 

71 

□05 

no 

114 
75 
975 
£ 37*4 
49 
116 
148 
190 , 
U9y 
248 
23 
180 


30 KbnelcolOp 
(215 StaComMOP— 

1 4b Stetley ; — 

40 saninglfflfcj^. 

132 SmcUake — 

49 SbonehM Midi 

139 5udighl Sff». 10p -I 
14 SiAdiffc Speak — 
£I3*j SwHiMtctiBSkM 
7b*j TSvrkc Pac A bOc. J 
116*2 Sytawe 


*52 

128 

ia) 

19 

230 

114 

*80 

175 

23 

457 

11 

28 

140 

620 

2 * 

63 

140 


3$ rafte* 5P -J 

*8 »TedxwtogflarBi&. 

34 T$l Th'mjl Syirf.J 
6 TK Timea ita. 5p— . 

28 Tlura Mite lm~ — 

8J*j 10 7 ASOJSO 

40 TootMf R.W 

35 roye 

149 Trafalgar H.20P- 


tTransomt. Ser*. 50t- 
Do Warrants.— ...^ 

|Tr*etJort Drv 

ttTndertComolOp 

tTnefuo. _ 


(470 

87 

6 

155 

4 

10 

[125 

•97 


Turner & He*. £1 — | 
tTwmHck 100-.. 
f92*a tkoapc.U»4*7tl9 

33 UKQlfltI 

108 HMbond Hidgs — 

2b Unigroup 1 

1*95 Undeuer- 

UHUnrvll.V.FUZ — 
14 U. Guar autre 50 — I 
85 HMMdPaOawU^ 
100 UiWed Pa«et» lOp 
108 IV.W. Therm#*— ( 
84 Valor 

[230 Vlnten Grp. 20p - 
10 UTRittoa iflp. 

35 Wade POUS. lOp — 1 
8% Watter Mmr. 5p._. 
14 W«eHont5p— - 
1575 Wannam's — — 
Wauon R. K. I0p — ( 
Wrdgwnod 


tWripaclOp 1 

178 Wtein-BoardlOp.-j 
76 Wfsr i Group Inu— 
Whatman R Angel _( 

WtMroott 1 

WI*eylOp — 

WilketU.l , 

FWillaire SySL 10P. 
WiHiamU.)— 

Wilts tGeorgrl- , 
WahcterHughB -J 

eh lirlimimStialdrTSlM 
17 wood (ArtJnurl 5p - 
10 Htanhngni ia ji Up. 
bO «ZMal0ya5p — 


J 07 k*J 

TII.4S 

aaij 

4.d: 
taie, 

^o*( 


ki 


SSfiaS— t 


7* 7* 

tl'*7 

(4jlT.J 

1 uni* 
. - li*-* 

I BJS 84.51 

1 2 8 Hi *91 

[5*Wl*l 
17 119 


10*u 
T15* j 
ltl4J5 ] 
sfl.« : 
tM« i- . 
ot>.7(2.7 

tsoM?.? 

la) 0*1 
10.0 1 J. 
tlO.75 2.7 
0.1 

088 8 
144) 2 9] 
fl-75 2.7 

T4.4Z I.g 

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t b5{2 4 I 
1)3 19 
MJ 2.71 

+J 1 - - - J - 

2.75 «J 
4* 22 
45 2J 
0.1 5 J 
U*£% 

TM.9) 5211 


124 





♦S 


For Slandard Ind see SIC OaraB 


£e 


h 2 





31V ?2: 


em m nster 10p-.. 

Itt World 10p^.. 
Mamnande Lets.. 

. mnio ira 20c __( 
'zjHoMonOpa* lOp. ... 
»3»«(wen Abroad. J 

pnatxa tLon.1 1 

. dCtacaUIrDncStllMJ 

leaSurarrUSp. 1 

City ‘A‘ MV 
ley Lerttur 10p _ 

Hoh.200 — . 
GrptlJ 
It IV *A* lOpJI] 

nine 

■kTV lOp 

754750 

•TVS W'Vtfl lOp 
Trierraen Secs lOp 
Tottmbam Hotspur 
^nVnlTVA' lOp J 
>21S Century Dm. . 

imTV7t , U_J 
Islet TVH/V'A* J 
U0S.I5P—. 
tfeusnSp 


Mu 
BS* 

167 

n 

24 

116 , 
3®*d--.. 
52 
128 
410 

125 

126 
108 
315 
150 
Z10 

27 
35 

340 , 
S4-. 
75 
146 
105 
188 
150 
21 
95 


cnrlSfl WE 


T 53 V 


12.17(4 3 
03) *.5 


5* 

tl.45 

3.75 


412.0 2.7 
, ^ 7JM2.2 

hlTt — 


2.0 

60.2 

640 

5.5 




do* II 
t3.ll 


45(17* 


•3-3 

111 * 

14.4 


b.3 
7* 

J.S 

4.7 ho.i 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles 


19 toe. sop. 

41 tfMmmNMidOp 


IBS ken. Mis. lMs_J 

215 Wonii Motor V50_ 

lb [Lotus Car lOp 

12 MtUMMetDrlOp.. 

uoyvoim KrtO. ..J 


*2 


40 
57 
255 
326 
57 
35 , 
E42Vb>z 


—(■326 hio 


1 7 

Q12< 

«20N 


(tQJilJ * 


Commercial Vehicles 

» I 28 (E R.F. (HkteJ I 42 (. I S-l — I - I _ 

U0*d 74 jpiMUMS IG81 J 128 C...J M sl 3 0 5.0 93 

42 l 18 Work Trailer lOp...J 38 L.... J B— J — I — 1 — 

Components 


10.75* 1* 
2.0 u 

lhl-87 2.4 
iaHsb 
1*4 5 0 
9I.75I 3.0 
2.7 3 3 
2.7 3J 
223 4 J 
4JS 2.4 
2.0 50 
IbJ) 2* 
19.45 2.5 
iS 3.1 

MS ♦ 

*425 IS 
bll.O 2.0 
4.5 0 
11J i4| 

, mo.5 — 
tu - 

«o!o 2J 
0.01 - 
10s - 
A25 ♦ 
942 2 JJ 

m3« 


(At- 

lEng... 

(Abbey Panels 1 

Urtiow Stream. ..... 

Urmsrng Eq. lQp_. 
lAuiamobte. 




Btuwin fln«v._— 
(Downy SOP..— ~. 

pSowueiwgwJ 

mn.Sra.lh 1 Op 
tmk-Fa Hides. J0p_J 

LUCA bids 11—.. 

Sole* A50p 

Supra Croup 10p._ 
FTecnrtmSAFrlOO 
(woodbMd UJ-. 


B9 

50 

75 

23 

36 

65 

IB 

MB 

41 

258 

51 
47 

228 

97 

-HI 


-61 I 4 

28 

22 

1)541 

DM BB 

L7 

13.9 

6.1 

♦2 0.75 

4? 

4.7 

7.4 

0.1 

— 

0.4 

— 

+ 1 ID 

8 

2J 

6 

♦ l" 134 

20 

40 

108 

-1 fel 

— 

1 

— 

-2 1H2 0I 

38 

l.[ 

19? 

+1 905 

1.9 

1.4 

484 

. .. 11.5 

2.4 

4jj 

12.7 

+1 B.t 

06 

5.4 

Lblffl 

4.3 

— 

6.3 

— 

1.4 


60 
9 5 

p 

L. — O.B 


0.4 



Garages and Distributors 


93 Adams Gibbon—. 

8 Mnaidn-slOp 

n AnplnMHfGrp.— 

98 Arfangton Motor 1 147 

9 B5GM.10P _J 20 

|138 BranallIC.OJ 

75 Brit Car AucL lOp , _ . 

[112 CatfynsSOp 1 138 

)3*z ComITJSp — A 36 
06 TansGodfrer 

49VGates(F.G.> 

31 |G lent letd LMr I 

lb Hanger Iras. 10p -J 52 

51 Ramson (T.C.1 

77 Hartnells — - 

7b HenlysZOp 1 125 


55 hmstlClurln) 1 

19 QesupS- 


77 KcnMig Motor- 

42 5uudtaeiGrpi.lQp_ 

(150 Lex Seme— 432 )«2 

50 lookers. 75*c(.... 


8% Manor llatnl. 20p - 
7b Perry (H.) Iftrs..,. 
31 Owe* (H.&XI lOp 

39 WKttrnMlr 

21 lYoungtHJ 


142 , 
10U..... 


U5 

43 

126 

42 


S* 

57 

75 


r*3 


]+) 


5JH * 


6.5 2* 
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IdbH 2.9 
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45 - 
d?.D 1* 

M* 30 
4)0 2 .9 
11.0 J 2 
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14.4 34) 
0.1 — 
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61* 4j4 
6.5 2* 
62* 2* 
69.75 32 
63.b4 3.1 
Br - 

3.75 32 

1.45 - 


b 3 (lb9l 

0.7 

5.1 
2.9 
54 
79 

7.1 
b.l 
44? 


941 

t- 

[ 11.6 

7.9 
6.4 

9.9 

4.1 

58 

ai 

5* 

ib?) 

60 

111* 

52 

6.4 

1175 


NEWSPAPERS, PUBLISHERS 


Ass. Book P.2flp 

Assoc. News 

BPM Hklgs. ’A" 

Black t A. 6 C.1 

BrbioiPon 


2.9(174) 


22 B3S 


64>hil 
4.7 1 6.1 


ICodatSi WiHian 

Da -A- 

Dally MjiTA’ 50p.. 
E.Mld. AHted'A 1 — 

Fleet hubs. 

Gorton 4 Gotch 

Haynes Pub 20p_— 

Hone Counties- | 

kidrpewtait. — 

Int- Tbomsonfl _ 

LMk House 200— ) 
L'pool D. Post 50p-[ 
Hleul BuUetn lop J 



124 

275 




460 
488 
845 
88 
164 
138 , 
193nfl.... 
128 


4-2 

♦■hu 

+7 

+isi 

4-1 

+3 

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165 


480 
Z18 
158 
|62B 

155 

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16.5 34) 
12.0 2.7 
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7.5 3.2 
164) 1.1 
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343 14) 
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1225 5 4 
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tfll.t LI 
541 0.9 

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9025c — 
113.9 24) 
T10J 1.1 
66 1-7 
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3-75 3.3 


♦liH 

113-01 


17.7t26 


32 
3.4 
6.7 
3.9 
74) 

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3.0 
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3.2 

2.0 
82 
61 
5* 

67 
22 

4.ltl7J 
67 19* 
60 13.B 
1* 29* 
34k 


67 

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19.3 
10* 
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164 

29.3 
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■nil 
3* (15.4 


dZ-5 5*; 
1141 «- 
1.95 3.1. 
J24) 243 1 
ItCJj 

m ?*' 


3.1 (MW) 

13-8 


113.7 


PAPER, PRINTING 
ADVERTISING 


jlAldcom WL XOp - J 


M 2 l UBl 

G0.1l 

104 

01* 1* 

7.0 3.1 

l. 75 2* 

■ 85 2J 

(U0957 

W ♦ , 

m. 5 12 1 
0.13 - . 

10 9 
, 410.9 3.1 
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tot 22 34»| 

, 3684 » 
rftoiki 8 
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12 95 441 
f2.8 34) 
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T«.0 32 
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teowMaaMPO:^ 
gnt-Prin png | 

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bawbM ♦ 
t12.1l 22 
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74.43] 1.7 
4.1 
7.3) 2 J 

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d 4.7 

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80)24) 
(115691 3.1 


214 


Eucalyptus — 
ierryPKklOPw., 
fffit&b&Ca IQp-J 

iG.a Papers 

(Gem Gross 10p—. 

‘ Wats It*.- 

Hjrrbon GoMey 

MmterprMGra — 
VVTGpInc so. 10 
fUClPGrtigiSp-. 

LJLK HUgs.8p— | 

_ IcCMquodakc— 
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271^gkhy6M. B 

nCHnes Paper 20p_ 
*Pagr (11x6x0 Sn-J 
fiftterstNHchaeAJ ! 
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b«ttM10p ^ 

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613.0 22 
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INSURANCES 


(48 

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caU 

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530 ^ 

205 , 

£23»J 

19b q 

732 

C7H 

873 

370 

502 

555 

504 

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230 

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, Do. Uuc Co. 5100 J 
(Alban: Vers. 0*150 . J 
GenCorpJ 

iBntanMSp 4 

MinawiDereU Ulp 
jCorntoneO InL 31 . 
Koran. Union — 

tag* Star i 

lEftnta UK 9 pcCm.-J 
Equity & Law 5p . .. I 
(f 41 hwaoers JAOJ0 ) 
|G*n. Acudem . 

fe.B.6 

marriro Ldt 5p ■■ — I 
WtsahlC.E.>2W— j 
mpgg Robinson — 
Legal i General- 
hbarty Life SARlJ 
(London A Man. 

jUmdon uiimi 20p . 
Wanh McLetfn si J 
bmet HUBS. 20p 

[PeaHSp- 


Pnxfciihai 4 

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*0)01 1 

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Stewart Wr.JOp— . 
Sim Alliance a — 

Sun Life 5p— 

VTatho M EDP — 

Trade Indemnity — [ 

TrxekrsS2S0 

Willis Faber J 

Windsor Secs. 1 Op J 


LEISURE 


18 

(5A4UHITO Mp-4 I* 



69 

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114 

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125 

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85 



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40 

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118 

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32 

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ltd 

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136 

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118 

lortron US 


41 



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hd una's HUgs Ip. J 375 


139 

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PROPERTY 

9 (Aboco Frws — — 17 

54«aiUrdUindllnI0p._ 9B f-2 U13M 

|JM Afewa London 247 tdb? 2.1 

6 Anud. Estates Wa+Tz — — 

93 Apex. Praps. 10p— U M . 24) 24) 

Z&l Aoms. Secs. 5p — <3h4..— 1.45 ♦ 

TO ktBMcMaCxteJS- 90 1 4QBc OJ 

16 PAustmart HA. IB 

42 BaMowEneslc— 1M> 

■16 Beater taH.llOp- 356 

184 Jflton (Percy),_ “ 

•30 Bradford Prop, 

•80 Brtfl9wM»E5t50p.. 

72 British Land 

2« Da 12K Can. 2002. 

9S BrtxtiMi EsUIt 

‘fh Caparo Props 

130 Cap. & Counties - 
48 Carom Prop Top. x — . 

Id) rotrortneial 2up .. J ad..,. 

100 OtKlerfieM.- 

170 auchtTryEa. 

28 Klty Site Estates _ 

•30 C4U-A50P 

95 CiarteNlckons 

•10 Compco HldBS 20p- 
36 Control Secs. 10p_ 

46 Pntry NewT.lOp-. 88 J+l 
W County Props top -. 74 1.^.4 

120 Cnsuas Proa Gra - 250 

131 DarpmlHldgu 

76 Daon De* Carpel.- 
IS Dans Edaus lOp- 

55 Wencora 

10 Edmond HUBS lBp-l 
60 Espfey-Tyas — 

115 Ests. 6 Agency, 

56 Ests. 6 Gen. 20p — 

121 Ess. Prop. (M 

. 54 Lxans Leeds J 

208 Ewart New Nth ci'J 
104 F#ffwewEsts.50p.J 

15 Five Daks hws5p— 

52 KabteHx Prop 50-1 

180 Grainger Trust 

120 GL POrtAxnf SOp — . 

1*4 beyma. OWees Wp J 

630 Haotnmon *A‘ 1 

118 HUnlwyer Prop 10# -j 
37* Hasfemere lOp — _/ 

17 #HK LnO HICJ2 J_ 

225 hwy Property—.- 
533 me lac PptrWJOi . 

75 Jermyn Enest — — 

3) Kent IB.P.J lOp — 

165 Law Properties-.. 

£871- DoWtfCloMOWa.-| 

1* Land Invest. 

197 Lmd5ec.£l 


I l> * I 3.4 9 

*a.gi 2 4 [ 1.9 5272 
11 DM I eheii £1 
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.172 WLend Lease 50e .-J- 
13* p»*r4 £*kid (B>- 
: 1 3tjprt.O" & Man lOp .. ■ 

|255 Tlob. Prov S«a TOP- 
,125 taa SHOP Prop.— 
n«0 I Do. 6*8* Cn*. I46«._ OM 
t»7 Do 9M C" 19*94 QM 
162 (lynton Hdgs. 20p..- 

,186 (ME PC 

.112 (Marsneaiti 

Jb war«iarowh5p- .. 
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Ucmerney lOo 1 

[Mrkjy i«‘20t).. 
loMon and Secs 5a 
I 2*0 t 93 'Mount ie*9 h 


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L9C1J 


7* 


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PROPERTY- 


no4u 


Stock 


251 
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84 
25 
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35 
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435 
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310 [258 


178 

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337 

74 

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160 

33 

490 
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467 
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112 

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112 iMownvMmSp 

68 Hurt km I A. &jj 
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11 tbmtmUMPnpfe 
87 North UnL Props . 
2? Parkdaie Hiogs 100 

125 Prathry 

194 Prri Hugs _| 

18 Wwl* Prop jxoPai . 

199 Priest Uanons U . 
112 Prop.HMg & Inv . . 
Froa Pam** I 


[Prop. 4, fie. 176 


Prop. Sec. inv 50p . 
(Raglan Prop Ip. .. 

Iltewlian —I 

teegenicnnt IOp„ 
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170 (HMetiauqti £J | 

152 (Rush & TompkxYi— 
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74 

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115 

104 

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117 

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89 

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160 

142 

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KhcXtunk Prop.... 
feShrrann Secs. I Op. 
[Slough Eas __ . . 

Da 10*bCora. , 40 . (£267 
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Vo. 7pcCn*CvmPf 

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jlTIumn b» & So. LI 
Mo ITpdYH m, . 
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[Town CenOF . .. - 
(tTawra O r 5«ts 70p .. 

Trait ord Pari 
IT rust ol Prop 50 ■ 


Continued 

■?i K USA, 


253 

82 

77 

25 

184 

33 

210 

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29 

435 

192 

310 


122 , 

193 

485 

262 

145 


328 

69 

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30 

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For Trust Secs, see 


Utd. Peal Prop- 
Writer lAUratl top 

1 Warm Fsutr 

375 Waralordinv 20a. 
£25>a Werrldhjve OF L20. 

84 West 6 Country 

15^1 IAT muffler P. 70p 
16>2 Whittington lots ... 

71 tWingjir Prop inv 
57 (frv art Mount 1 


Skirt 


490 
74 
483 
370 , 

122 

lVJtllJ 
U0 S 
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SHIPPING 


£lltjy>0 tent. & Comm. 


450 


242 

128 

4B 

222 

87 

82 

275 

S40 


85 (Common Bros. 50p 
9fl SrsherO) 

230 bouas-LarsoaSt 


3(H) 


450 GrafeSiupCl 

70 Hunting Gibson .. .. 
35 fecetntJ. i.tTOp... 
33*2 173* Lon. O' Seas Frtn.... 
205 77 Lyle Shipping — — 

b4 ?*)] Mersey Ok. Units — 
72 37l] Milford Docks (1 — 

135 70 Duailrowt... 

315 108 P 60 Detd.Ll.-J 
7b 37 RearoonSm.bOe— 1 
10? 52 RwKinunIW.).-... 

£17*2 tlj Se*ConuxicrtL2>tf 
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noy 

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It Group — 

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Simsbp. 
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210 

118 

48 

222 

84 

82 

170 

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SOUTH AFRICANS 



(Aberrant M. 30 

(Anglo Am. lo. Rl — 
iBJrtam Ram) R.ZOc. 
or Checkers Stores 
Fkts. P. 21* J 
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R050 

BaroartSOc-- 
TnMferm ‘A'SOc 

Brews 20c 

ntrOais R] _] 

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TEXTILES 


1215 Allied Textile 

59 AUms Bros 

bl Beales I J.)20p 

75 Beckman A 10p..~ 

53*) JrtL Mohair 

37 Buhner L’m*. ?Dp_ 
11 Carpets UtL5flp— 

56 Coats Pawns 

53 Corah 

69 Cuwtaukfc 

L80 Do. 7pcDth 82-87 

18 CroanfarrlJJ 

132 Dawson Inti. 

bb Doan (David) 

67 Don Bros Bunt 

17 LarfrsMWHwlOp-J 
9 era n o n lla m a) 10pJ 

24 Foster LWmJ ^ 

48 GasiceH 8Hmn20p 

35 HicMng P'slSOp. 

15 Ifegwurth M. 20p. 

9 Da ’A' 20* 

18 InyarntH.llOp-.., 
52 lemur (HUB*.). — 
91 Leeds Grp, 

21 LOW (Robert H.I — J 

83 LyteitSIZOp -i 

44 MackivNngh — J 
31 VattkUMp. 

36 Hiller IF.) I0p_ 

35 Minton Bros lOp 

IBS Notts Martfl- 



MouaJeneySOp — j 40 


34 PrtmaGrwjp 4iy 

47 Part land ‘A’ 112 

17 Richards lOp 2 7 

62 5.E.E.T. 20p— . — 104 
13 (Setters hit. lop — 231 


or Shaw & Uwvm 
22 Shaw Carpets lOp J 

8? Sirdar 

40 Small ATidiTiu— 
20 SmaiWiaw*. TQp 

17 ipencer (Gro.l— 
7^ Stoddard ‘A'lQp.— , 

72 Slrtiud RH*y Dr'd-J 
fcl2 Suroner IFJ — . 

18 Stxdwam Wohey.— 
56 Teirro Jrty. 1 qp „ 

100 TomUmaro 


94 IToray V50— _ 
J2S frorHyde’Op- 
syvougnai 


295 
90 
81 
94 
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72 

53 

112 . 
69 61 
144 fi 
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36 62 
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21 2 ( 130 (BATInds |ZXZ (+2 Ilftb-Bal 3*{4*/6* 

162 108 pmperial ^147 (+3 7*1.9|7* 4.1 

140 I 98 Weihmani 12 ^„ i 140 1+7 I 16.01 bJ l *.1 1 3.1 

TRUSTS, FINANCE, LAND 

x*«4 | | l+-j m ]Jy* 


rnew 


141 
78 

528 
lb 
393 
305 
73 
174 
104 
102 
252 
61 
488 
141 
119 

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184 
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147 
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260 
295 

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106 , 
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171 
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Ills {Aberdeen Trust ( 

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240 UhralBvesfeKrtTrosl. 


For AlAance #* F. 

378 Buhanee Trust 

09 VUtihjndlnc , 

226 I Do. Capital 


143 

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[Ambrose kw. Inc. _ 

DaCap. 

American Trust I 

Amencan 1st ■0', 
AngVi Aro. Sees .. 

47 Anglo- InL Drv 

239 Do. Asset SIe — , 

Anglo Scot Inv J 

Archimedes Inc. | 

Do.Cap.50p — 
WArgo Irvw (All) . 

WsMdimi Inv.— 

(Asset Special 


Atlanta Inv lOp 

Atlantic Assets. 

BaiWe Gittord Japan, 

Bankers' Inv.— -] 

Berry Trust 


110 Btahoptwe Tit— — I 
92\ tiertkrii Stfn lOp... 

63) j BrtL Aro. & Gen 

123 BriUsh Assets 

SriL Emp. Secs. 5p- . 
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luSEnaiidGefl.-. 

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(Charter Tnnt I 

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Do. Can. t Cl) 

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cyslk Fitnth CJ — 

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301 (DeroyTsLiK-£l— . 

363 {_Do.Cap.56p 

217 brayun Japan 

167 brayun Cons. 

73 (Drayton Far East —J 
n I 0e. warrants '8MTj 

212 [Drayton Premier : 

57WDualv*snnc. 50p -._| 
V5 | Do. Genual £1., 

124 (Dundee 4 Loo 

150 lEdMangh Am. TSL— 
37 EdxdwrMtFInTsL- 

BlTaEdmburgh Inv 

44 (EDITH 

uOMEleclra Inv. 1st 

131 (Elect. & Gen 

250 KreroyRRiServ »- 
£14 Rngt putdrlm iPtCtl - 
12? (Eng. * imrnuti .. . 
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n tng A Scot, (in 

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123 I 47 tturooean AweuDf'i 
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117 5b F At ignamg 


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SZB 

42 

387 

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133 

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278 
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421 


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465 

812 


136 

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338 

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364 
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INVESTMENT TRUSTS — Cont. 
r« M 


14U-6I 


Ob 


Stock 


176 
300 
•11 
218 
414 
117M 
210 
70S 
JU 
10b 
508 
508 
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298 

150 

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114 
241 . 

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42 

236 

107 
174 
147 
482 
490 
165 
132 

124 
144 
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4JB 
270 
225 

134 

214 
338 
472 
142 

62 
252 
101 
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£1161 
309 
274 

115 
14* 

40 
110 
142 
2b7 
101 
117 

215 
144 

81 
202 
321 
369 
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68 
182 

151 
85 

144 
139 
113 
40 
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103 

94 
79 
75 

254 
157 
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95 
625 

108 
342 

TD 
42 
30 
li 
332 
IbB 
274 
lb] 

142 
23b 
442 
164 
112 
38 
Ml 
Zbb 
98 
111 
111 , 
C7BJJ 
TOO 
£tt>rf£54 
758 
218 . 

228 
179 
269 
20b 
355 
138 
230 
313 
318 
192 
lib 
45Z 
101 
212 
247 
1*9 
40 
ISO 

m 
112 

71 
138 
260 
176 
258 

125 
163 

116 
102 , 

384 
260 
1% 

65 
181 
269 
149 
184 
79 
5S7 
181 
94 
495 
77 

135 
34 

227 


1J4 (Family lti» Tit. J 

,220 Fbttwm&Gen 

7ij Fun Charlotte Asvns- 

16b F«St5coLAro 

J7B Fleming Aroencbn .„ 
tOO Do 7pc trtWtn 1999. 

144 riomvjOKtWMe'SM 

IM Fleming Enurrpme ... 
159 FlemineFjr ta»m 
BJ*a Flenwig Flrdgelmg-- 
?57 Fleming jananetc ... - 

,253 Do -B 

0 FlerangMerC 1 

1207 FieraagOwneasTu — j 
08 Fleming Terh. Inv. — 
173 Flermng Umreeval.— 

TO ForognA Cm , 

145 F.U.G.l.T mazbl— | 

45 Fulcrum Inc 

3 Da . Cap. 2>2P 1 

36 Fundinwsi Inc [ 

148 Do Cap .. — 

G.T.GkXial Rec. £1 

84 G I Japan 

139 Gen. CoteaKM — . 

310 General Funds 

290 Do Com 10p- 

90 (Gen. tiwestors 

87 Gen. Scottish 

82>j Gen. St'IUdrs 12l,p 
93 GLngawSrtudrs..-., 
Ibjitf. MfetUhr.. 

220 (Greenlriar tm . 

175 Gresham Hse. 

132 Gra* Investors . _ 
95 Harnijros 

162 Hill 'Philip! 

212 independent inv. — 

300 Inv. >n Sixths 

134 Investor* Cap 

25 (Jinn Ai-rts 10fl _ 

18b Jersey Gen tl 

hn Holding. 

Jove Inv Inc. lOp— . 

4*t Do Cap. 2p 

210 Kryture Inv 500- 

154 take View Jne- 

87 Lane. & Loa Inv 
9b Law Debenture . _ . 
33 Leda lm. Inc-Jfip ._ 

Do. Cap 5p 

Lon Atlantic 

Loa 4 Gan 50p __ 

Lon L Lem» 

Loa A Lomond 

Loa Prudential 

B2lz Lon * S 'c'yor 

65 London Inni 

lib Lowland (nv 

2B6 M &G Dual loc. Mp 

284 Do. Cap. lOp 

Id* Da Ad Dup tec. 16c — i 

43>i Da. Cap. 4p. 

105 MarmrAp.. 1 1st It . 

85 Metdrum Inv. 

57lj Merchants Tst 

*1 Mid Wynd Inv. TiL ■ 

B8*2 Monks Invesl | 

79 ManL Boston lOp — [ 
20 Da. Warrjns. 

100 Moorgetr Ins Trt... 
Mb Murrov CaledtvMa .. 

56 Do-8" 

541] Murray Clydesdale- 

55 1 ! OaB 

]91 Mirray Gle n drv on | 

87 Murray Northtl 

BO Do. e* 

I7>; Murray Western 

72 Murray VVrslrm B ... 
!500 MeqnSJr. SU51. — 
68 hew Ac- lm TsL SOp 

272 New Court SOp 

40 New Ddnen Oil T2-- 
23ijNewThrog Inc— 

20 Da Cap. Cl 

Do New Wrrts 

138 (New Tokyo Inv. 50p-| 

115 (1928 bluest J 

182 (Nth. AUartfic Set 
128 fith. Brit Canartait-i 
108 raorth Sea Astets 50P—J 
p dm. Ammcai 
Morthero Secs — . - 

(dl4 Assoc. Inv 

Outwit* Inv..... 

PruVAsas lauijp-l 
'PrwrMus UeUk T-x 

Paeeiam 

Rights* (u. Cap-..., 
Mm* & Merc....— J 

[Hiytt piju on 1 

£57*«lRtiiieco IBr.l FI50 ... 
572 7 DO Sub SITS FI5_ 

iRtUmoj NV FI50 

[540 I DO Si*. StflFfeO. 

145 (Romney Trust 

£4 1 URoremo N V FI .50 . -. 

[RoSKfimond Inc 

Do Cap 


Safeguard Ind 

SL Andrew Tst— -4 

Scot Am. lot. SOp 

Scot. Cities W— , 

ScM.EaA.lne. 

Scaxtnhlnr 
Scot & Merc A- 
Scot HorL 6 Ta— 

Scot. National 

77 Scot. Northern 

328 Sec AHuowTjl — 

67 SecwiiiesT.Sc- 
133 Shires Inv. 50p 
172 SPLIT LnclOp- 
116 SPLIT Cap. 10p_ 

30 Stewart InlfeelOp 
104 51«ldmfarE*S«il 
81 Stockholders Ira. 

58 TR Australia Tnot— ( 

J3«2rRCilr«f London Tst 
84 TR tod. & General -, 
lb* TUHatir^ Resources J 

116 TR North Amenta- J 
127 TR Padhc Basra — 

TR PTOp. Inv. TsL 

II 5yTR Technology , 

7B*aTH Trustees Carpn.-] 

71 Temple Bar ... 

30 Throg. Growth 
172 Do Cap LI..— - 
137 

25 I Da Warrans- 
14? [Tar. Invest me. — -j 

182 I Do. Cap. 

111 ITrans.OcrapiC— . 

117 [Trtxe* Invest 1 

bb |T ripfevetl Inc. 50p 

JW Do CJpnH LI 

129 [US Deb. Carp J 

bO [Vik mg Resources— J 
,378 peroysslnv U 
40 fWmterbatlom 5p — 

77i^WiUn Inv 

22 1 Do. W; 

150 lYeomaniov I Z27 1+1 

For Yorks & Lancs see Edmbmgh Fm 


246 f+4 


5 32 
3 45 

u. 


5010 

4*J 1.0 lb.0 

33n 10 
M 1 10 
7*51 1* 

4 0jl* 

aaj • 


1.1\ 1.1 
78 NIP) 
2 7(1.2 
4 « 3.1 


hg b4 1.1 1 45 
4 2sj J.7 )2~ 


525 1.0 5 3 
15 l-l OB 
'S3 1.1 28 
2 2(1.1 2.1 
55 10 1.7 
2 35 1.1 2 J 

3.75 0.9 0.2 

5.75 1 1 4 1 
23.25 10 10-7 

18.42 10 10.3 


2.43 - , 
ll.oil.l 
24^09 
UN 00 

19 -S 1.1 
14.41 1* 

1.4 1.0 2 b 

13.IM10 
2 0(0.4 

1.9I 1.0 


law.... 

V .. 

0.55 . 

84 : 

5014 
4.4 ; 

6 2 . 

HQ26V 1 
KKb% 

. 

«im : 

— t - 44 • 1 




ki 


16.2 0.4 

з. 9 1.1 1 
thJ.OS 1.0 

bus r * 

U 05 I 

n£ ; 

, . I6J7 1 . 

(+2 - - - 
0.4 1Z I 

01c 
hi 93 I 
MJ» ! 

и. i : 

315 : , 

175 11 


42 1.0 
2 79 1.1 

65 ♦ 4.7 

HOi 1.2 
1.05 OB 
2.84 0.4 
3.75 1.2 
17 JT LO 


50. 71 1 2 | 
U.4| 1.0 1 


Finance, Land, etc 

Stock I Price M E Icwlfirtfl 


« C 


MB 44 
Ugb Law 

327 (276 (Abmgworth lOp — J Z96 I ( l.l)2jl0 5( — 

For Abwood see, Bame .tors . i Fin. 


221 115 Arsen Hume 4 177 

585 260 Akrojid SoAhers — 505 
19 ‘T’j fenifflTUKd Fin inrvJ 15 
liO 52 kwefe+awMdnil-J 
75 53 Da55,CumPrin 

29 11 AtgyfeTnra 1 

102 50 Authority Inv. 20P- 

52 tofew Hldgs. lOp J 
14 a’s BamcIn&FmJlgp-J 

*7 12 Bonusbend lOp 

95 42 Britannia Arrow— 

335 72 >ntreway Trust....J 

7 DO 435 OoicaanNJ&Gil-l 
125 78 ZEikMwgh Fd Mao 5p 

49 30 $ Energy Fin 10p._ 

£83 £*1 HoteCrtJB457ine- .. . 

726 318 EjCOIMIOP 600 

18 lQlj Ex Lends lDp 

170 100 ^ffesnedi 100 

065 bOO l+ramiingioa Grp— 

100 62 Frost U-J.4D.i_. 

Ub 90 Hanibra Trust .... 

36b 70 Hampton Tst. 5p — _ 

95 62 0H aw Par 5S1 .— K 

443 312 Hrodmon Adxwi Cip - 
112 73 JlneL Fa 6 Mr Co— 

595 340 InLlai. TsLJm Li- _ 

54 28 Investment Co. 54 

72 55 Ivory S Sime O.lp- 65 

95 40 Kakwikfe- M 

27 16 CellockCnvP) 5p- 2U| 

205 135 rjtch'n. Taylor lOp. 3M 

30 14 MMhulOP 22 

13 7 Lndn & Ass Inv 10P- Wjj 

52 19 London Inv. ip. 33 

77 43 (Lon- Merchant 74 


*89 

680 

89 

300 

455 

457 

355 

□85 

450 

»y 

307 

23 

70 

41 

182 

145 

£76 

97 

950 

190 

76 

88 

44 

198 


82 

100 

83 

795 


80 


Do. Odd 62 


Do. 7 %kCv 200045 J EBPjMj 


336 M.&G Group - AM 

58 Mated* tow lOp 83 

10 yuarsancaaCorp.- is 

195 Martin IR.P.1 5p — 290 
308 MercaoMr House— 427 
190 UedtoFixv) inc — 245 
□15 HeiurtneCapPigPI- E315 

1255 MdlsAAIten ~“ 

Blg N- M. C levs- I2ljp— | 12 
202 NewraartrsSrts.— J206 
OU von ASO 25 

42 OcuruCons. 

19 Paranbe lOp 1 

122 Park Place Iw.lOp. 

4* Silver mines 2^ -- 

£74 S.E. {Altpc Ann 

39 Smith Bros. — 

[900 TohixSAa 


70 
41 
168 
132 
£75 
-1 97 
'58® 

120 |«ConpS Tech 50P-I 125 

39 Mrspooi tor [ 72 

38 wYHverton Inv. 5p- J 47 
25 feVOrkgroen 10P — | 30 


lYufe Cata lOp — J 197 




75 

m 
u 

89 
33S 
700 
125 
40 

£M 

M r __ 

Jf*- 

10 a 
860 
106 
130 . 




hi 


Fb.d 3.5 
16^ 3.1 


013JN * 
Q5«q 


12.2 2.7 
10 76.8| 
12 0 1 8 
914 * 
1.31 2* 
08% 6.1 
17* 2.4 
0* 12 

; k 5 bJB 
2 2 1.7 
5 *2) 1.0 

QSdi.4 
«.0 2.1 
1225(37 
090 4> 
ttl.75 30 
uO-251181 
1075C 2 1 
0.35 2J 
11.0 2.2 
1-25 2 1 
0.17 3.4 
10.9J 2.5 

11.55 15 

Q7V» 48 
20.0 1.4 
3J 1.4 

11095 2 6 
thlO.O 33 
0?bc 

13.0 1.7 
075 - 


1.13U.6| 
1t>8 15 
M.38 1.9 
( 0200 % 1 * 
Q4J** - 
13 0 78 
027c 9 
1.1 1.1 
1.24 18 
0.35 7.1 
01.4 2.5 
3 ® 2* 


3-5 

0.4 

2.4 
2.1 

4.7 

Pn-ol 

1.7 

5.4 


1 LO 
9.7 


14.5 


5.4 

ll7.0 

JL9 

p i’ 

113 

las 


23* 

278 
(23 6 
13 
* 

8 2 
122.0 
10.5 
{268 
7.7 
05 
13.9 
11 8 
(304 


lb-8 
17 4 


4J 
[33.9 
17 J 
|30* 

4.1 

* 

057 II 
113 4 
6.7 
1*0 


OIL A 

22 |H Am Oil Fids 20p. 

MljUnvri Pel 20p 

6 H4ranEnqy20p . 
35 IHAtiamic Res 


ND GAS 


28 

90 

66 

500 




201 - 1 - 


For Atlantis Res. see inti ouantis Res 


-2 


r ! r 1 1 ! 

12 7510.? j t j •• 
f 12 Bl 1 4 1 5.4 J 8 
?4.olal 7 l 7 3 <10 4 
5*%i . 110.ll 
u+nJ??ii 3 12 J 
! I - i 


1*5 53 WerteferErpln .. 118 

;J3 1*4 VBridgr Oil ■ ... 212 

67 3b Bristol Oil & Mins 56 
338 38 Bra. Barnes 100 338 

487 29b Brit Petrowwn. 487 _ 

82 71 Da 5% PI Ll . 79>i( 

157 Wraoi . 268 r+i ■ 

34 I 3 fVBronswer Ail I 29 
275 ilii 01 firrsjp O' 1 ies ?0D i 2« '+»' j 

38 I 6»jHBuuRr- irfO ?i ■ 32 
TOO 1125 IBumjDtt ' 195 *1 140 18 b 6 10 J 

LBO ilTey Op 01, 1 n 91 4* £79^4 Ql))j-u IS Cwl.'k 

290 *105 Ut'a>M3%i-jntl 250 


1983 -W 

High Lm 


OIL AND GAS — Continued 


Stack 


ME 


330 1 1 15 (nCmnwM.Mp - 
?05 ilCJ (Kandrcra Rev ■ — 
*745 1100 iCjr+ss CdOCl lOp — 

42 ( *0 (Century lOp 

84 I 28 (Cluriertiall 5p 

•lil I *4 Ictiarterhouse Pet 

IlOltfC* Fr. Prtrolet B . 

37 kKUrtmam Pet ML .-| 

37 IKIuHOilil 

70 I +Do. Cav. A 

55 Clyde Petroleum _ 
15 WCoUim (fi.) 10c - 
7 (Kenment Pel 8 L — | 
*5 «CeraayP«lwRei J 
75 MCnedo Pet )0C — J 
12 IVDorset Resell— ( 

il MDouSlef a9*s 1 

. . . 64 [E Seuiiwx! Omlm— 1 
133 1 83 HrESnburoh SCO- -j 


98 

38 

9 

*0 

54 

IN 

>12 

*0 

105 

525 

118 

101 

128 

235 

500 

14 

194 

UK 

307 
□ 17 
232 
345 
3b2 
302 
200 


BURE fun fell ULD5- 
15 [Energy Capital 12 l jP 
3 MlwgyWtBlOp- 

18 [Vt uropa — — 

21 (VFilirvoulh Pet 

*3 MTUrRcv.- 
57 •Fluid Dll lDp 

30 lmtoricDU 

48 IVGenoa NL 50c j 

350 (VGiotja) Nat Res 

P« *> j 

uihireaniResI-.. 
Hudson Pet Int Sp. 
imeunfeiiGBi lOa-l 
High Plains OH 11 - 
HondoU LngyCJI — | 

128 |Hn.ng Petrol 

(83 1 Do. lOpcGmLn "47 
1 rolCCW lOp.. — 
147 |imo.Com Gas LI.. 


sro 


115 UiOL Allaai<sRes — 
120 (VinarnaoulPetl-l 
181 wlnvera Energy— 
*5 (Jackson L rphrJL — 
110 H-JetecnsDnlhng. . 
For ACA IntL 

48 ) 22 kCA Drilling Ip — 
1520 (£420 ffLanAjntrwNV 
LhrA U73 jVLan Am Engy lavs 

397 (223 LASMO 

740 1500 1 Dp. “Ops" lOp 

lljytOD Da Msfi CnUP) □ 

190 105 (VMa9eNan Pet 

12* J 2 feWajoB Uctt IOC- 

II? . 11 (ff Warmer 2 Op — 
? (VMuHrck Pet N.I — 
63 MMaoncCMi A5Q25 — ( 
12 (ttMjray Frdi.. — 7 
24 lottery Caun Hat. 5p J 
55 [Vtiight Hawk Res. . 
L23VlorskH.Kr 100- 


U 

158 

4Q00 

.302 
i-jni6 
127 
250 
317 
80 
160 
Bristol 
, 34 
-j£S20 


I7«x( 

!» 

71 

4* 

BIS . 

‘SS 

123 

bl 

250 

200 

195 

115 

51 
43 
IcB 

WlV 

22 

180 

60 

B3I . 
L3**h 

298 
518 
305 
428 
673 . 

•iy 

258 

88 

J15 

52 
27 

210 

370 

57 

£47 

Zb 

300 

187 

240 

722 

95 
•IS 
500 
475 

47 

96 


■ Res. 

( 6 Gas Prod 10.10 
MfieklliHk 5ric. -J 
Hirer Prtt&Mng. 

. . Prt. — H 

'aHrsrr HHl 

1 Pennine Res.— 

eirocon 12ljp 

Peiro Energy.— .1 
'■naSA..— . 
Br iiasKL— ( 

PeL £1 

romier Cons. 5p — 
Oifl— ... 
Dutch Fl.10._l 

SOL Rl 

Aojnc— 

_ aron .. - 

253 IV Sceptre Res! 

i40J then Trans. Reg. 

62 O0.7%PI.£1 , 

163 Kilkoiei* 1 

44 toSatowwa Res 40p 
125 wSwensgnOd— 
20 teKwuFsm.(«nLI. 
!3l^lrau0i)AS0J5-J 
48 taunmaskPei— 4 
55 !S5«IDlDF(yabylp 

40 nR Energy 

£53 iTrraco46% Cnv—J; 

17 (Te.asILI Pttrtm- 
165 IVTiber Energyfl — , 
b? (VTn Basm Ra0 — 

148 rThcentroi 

434 (UHraroar 

'amor Resit -.... 

rksAusi 

tPeiiB‘ita)U>( - 
lAustl 10C.-J 
I PetsS- 
: A5DC- 



U7 

230 , 

2 
78 

138 . 

ST* 


hi 


95 

140 

23 

9 

BS 

IN 

21 

33 

67 

90 

90 

17 

6 

22 

26 

73 

93 

35 

100 

<25 

110 

60 

70 

178 




-5 
hi 

:::j»i*di.7j t j- 

1+351 35l 7.1 13.116-5 

Oil & Mm. 

1.75| 1.0 


550 

112 

135 

a 

13d 

190 

22 

O 

562 

£S3>4-' 

59 
170 
180 
110 
115 
12 
33 
144 
15 
£91 
10 
143 
57 
593 

291 


& 


2 70 

663 

69 
188 

72 

298 

5® 

19 

50 

320 

49 

£75 

26 

2D7 

92 

212 

705 

70 
111 
415 
415 

16 

62 


*L75| 

wJO%| 


4 A 


art 

OlOiJ 

0O2i 

10.1. 

06%, 


3 1 
9.9 
1368) 
1* 
(l9.J| 


7.0 

0 

34.7 


4 3 (27 b 
02 


50 


R5.3 

Vlbbi 


+2 


hi 






V 


QlbO 

iT* * 

112 3 - 
9*JH — 


QS.5d — 
14 


15.8kB.81 
b-8 

I 

56 
52 
112-31 


-J 

BFrynd 


»8SL5% 

GQTBc 

Ql2c 


262) * 
4.9%) • 




041,%) - 


Qiod 


SQiod — 


1* 


1.7 


Fb.4 


(mw 

4 


40 


09 


|35* 

♦ 


OVERSEAS TRADERS 

62 1+1 | l.l] ♦ 1 2*] ♦ 

Z7 Z0.01 > 0-13 7 

91 L....J 1051 — 1 2.0 1 — 


*2 I 20 (African Lakes— 
31 14 (BcrmikklTkasJIOa 

IDS I 4] tSbusteadlCip — -J 
Foe Crosby Hum 

9b (Fmlay (James) J 

9 VFusi Pacific ink 5e. 

143 Gill & Duffus 

£24 GLNIhn.nO 

|475 H'rii'iB.Cros.£1-_J 

263 inchcapeEl 

29 Jacks Wm. 

81 Lonrho 

31*2 MdcheU CottS— — 
77 Nesco invests.. 


J3 

124 

124 

118 

58 

260 

IB 


Peran Wfens.20p- 
Parson. Zoch. lOp 
.Do. 'A' UN 10p~ 

REA Hldgs. 

|kraOM^rMSO0. 

tT^tew.20p~ 


91 

see R,EJL Hldgs. 


138 


hi 


1314+1 


186 

£68 

812 

Si 

^3 


-3 


Er 


152 

ss 

<s 

38 




4-« 


P93 13 
012 % ♦ 
t31.t Ll 
18.15 0* 
$0-321501 

9.0 1J 
302 10 

7.0 — 
2.95 ZJ 

1475 20 
14.75 20 

n ll.0 - 

10.8c 1J 
II 3 3.4 


2.1 


5.1 


10.7 


7.3(IIL3 
(Wll 

}UM 

bial 


10 
50 
74 
1J 
8* 

ssL, 


50 

m 

83 


PLANTATIONS 


1903-84 
Mg* Law! 


180 

23 

270 

975 


178 

111 

107 

613 

144 

72 

92 


Start 


M- 


Palm Oil 


*7 (Anglo- todonefn— _| 

172 

+7 

t3.o! 

9 

9H rAu(dietlB 0 Urvc. 2 *s- 

15 


— 


54 Serum IOjj 

228 

...... 

O0f 

n 

403 CattieTirid lOe 

925 

+25 

sine 

ia 

51 Ions. Plants MM.& _ 

9« 

+l*i 

vQlOc 

i.i 

3 irond Central 10p._ 

7 


- 

— 

75 tarTrtossMiy.pt. WI_ 

138a 


WQ24C 

— 

bl Highlands M 50c ^ 

97 

+1 

vaisd 

1.0 

51 ■jjalahepongUSl_ 

98 

+1 

(017»Jt 

4 

21D .dn. Sumatra lop — 

612 


♦at 

72 

67 Malakoil Mil 

120 

■ta*.. 

»07*ie 

0.9 

48 VMaUqi Plrd MSI __ 

62 

...... 

vQlBc 

1 3 

31 «lo»* Evans toe. 1 Op J 

79 


001 

1.7 


Teas 


410 

BbO 

270 

143 

<80 


255 Assam Dooars £1—., 

|4 35 LawrieGrp tl 

lb7 McLeod Russel n 
105 [nMpcCm PLW92. 

280 Moran £1 

337 >212 Williamson Cl 


«u 


to 

1.4 

860 

+10 

25.0 

20 

269 

-i 

hbfa7 

1.1 

143 


any. 

32 

480 


1.0^ 

— 

314 


15.0l 

23 


Nil IdrlGrt 


MINES 

Central Rand 


131% UZ'xitXrhao Deep Rl 

LlSTa 768 lEasl RandPrp. Rl-., 

130 75 IVE9DI1 Cons. 

111 Hi E69 l JPanaf(nit'n EsL R2 - 
410 240 Kroner & Jack RO02.. 
735 338 West Rand Rl 1 


£22 >4 
£10% 
122 
£111% 
310 
707 


13 

'-ly 

ts 


Eastern 

174 bracken 90c 

167 VCunS Mod 1 fern 5c.-, 

108 E»« DaggaRl 

376 ERGO RO0O 

1135(711 Grootvici 25c — 

£205)110 Kinross Rl ... 

177 Leslie bSc 

177 Manevale R025- 
311 5. African Ld. 35c. -) 

135 VWdontehi 50C , 

£20*1 Wmfcefliaak Rl— _J 
108 Wit. Nigel 25c 1 


341 
438 
623 
293 , 

£40Sj 

22b 


Rand 

358 

<12 

363 


& 


671feh?4 
Ol 
£20*]h 
262 ^ 

279 
545 
231 


-9 
bl 
“18 
+2 

220 


Q 1700c 0 

QbOcJ ♦ 


«64d 


I12*xS25 Bfyvnor 25c 

£4J3e £27l| Buttets Rl 

420 221 DeelkraalROJO-..- 
£23 Lll Doomtoncem Rl 

£271, £17g DnehMein Rl._ 

110*4 250 EUaxhrand GIO. 20c 

35b 174 Elsburg Rl 

LbO £35% Harubeest Rl - 

£38*J £24lj Moo* GoHRI 

L30y £18 LAanonRI , 

£47*2 £31*| Southvaal 50c 

£141; 937 Stillontem 50t 

C45* £60 Van Reefs 50c 

£15^4 736 Ventmpost Rl — — 
538 274 Western Areas Rl 
£44t, £28 Western Deep R2 __| 
llO^bBl (ZandpanRl 


Far West Rand 

a ow-h. 


BBS 

£10 

307 -4 

£S8%-% 

£29^ +r 
£461 
Oi. 
£951; 

£U 


961 


** 


O.F.S. 


850 410 Free State Dev. SOc J 
£ 38>J £20% F . S. Geduld SOc 

£1733130 Harmony 50C 

5b9 2*8 LorameRl 1 

£37« £22^ Pies. Brand Me- 

£4 IV £24*s Pies. SleynSOc 

L34l? £14^51. Helena HI 

£1 Ira 770 Unisell— 

£10«715 WeikomSOe 1 

141*9 L2S*alW. Holdings 


m a -is 

£30%-% 

412 -19 

£32^ -*, 

£27*i! -'b 

943 -21 
£37*4l+*i 


WJW 

QlZbd 

«167d 

o«a 

wiia 


M270C 
«590( 
010c 
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02 BSc 
040c 
OJZlgt 
0760c 
Q330C 
0300c 
0345c 
0280c 
0119b« 
141804 
050C 
0425c 
QIZBd 


1050c 

0455c 

0235c 

0510c 

0535c 

O440C 

Mils 

0I75C 

QbSOd 


• TlOi 


115 Afex Carp 5A 5100.. 

£1 lb Ang. Am. Coal 50c , 

£12% Anglo Amer. IDc 1 

C64 Ang . Am. Gofer Rl ( 

£31 Angtovaai 50c 

(205 OurterConsZp. 

4*0 Cons. Goto FieUs—., 
2? East RaodCaalOp J 

£121, Gencor40c. 

900 Gencor Inv. Rl ... j 

£}J^Gt*)FJrftfcSASc-. 

£52*; JotxxgCons. R2 

800 Middle Wn 25c 

|580 MraraiBDl 40 .. 

416 New Wits 50c | 

1420 Rand Mxv. Props Rl . 
L2lUr.jai.CoiB ld.Pi... 
140 (Vogels Z*;c — 


Finance 
140 
06 

04 


£39^ra 


237 

627 id . 


£10 
£100 , 

788 

622 

720 

£31 

165 


Q7.5c 
Q145c 
QUOc 
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0315c 
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QJ9<--c 
10130c 
DJCCk 
Qb50c 
1080c 
Q22c 
050e 
0< 5c 

0280 c 

OlbJ 


Diamond and Platinum 


£8lUl4? (Anglo Am Inv 50c - J £70 1 ....] Q540C> 2 3 1 4 9 

700 ( 382 OeBeenErt 5C .. J 59S 1+1 . Q40t| < 140 

475 '825 I Do 40pc Pt R5. .. J 875 j. . I 0200c r |)J« 

Lll**485 llrauia Put ?0c . . I £U>j<a | t085cl l 4 1 4 4 

-5 040c* 1 0'J5 


6°0 .745 iLvdmPvrg 1?*^ 
BBO 1352 .Ru-. Plat IOC 


68S I- . 

875 I— 5 f Q5«ClO 4 fU 


tOO ISO FaXonZMc 
» 15 UVdrwCcH 711 

38 1* ZanilprSSM .'4 


Central African 
280 
16 
18*2 


10»Ki4 J 'J54 
W5t' 1 7 1 


BROKERS. DEALEP8.10»eWttrtt** 8 USTOWllCIK . 

SANYO 

INTERNATIONAL LTD. 

Itoman House (3m Floor) Wood Street. 
London EC2V 5BP United Kingdom 

Telephone: 01-528-2931 ' 

Tetex: 518812979 (SYSECGl 


Mrt laroi 


19 

40 
35 
60 

1D4 

183 

39b 

145 

44 

4J 

9 

17 

255 

28* 

1+ 

265 

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58 

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24* 

38 

32 

92 

41 

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100 

42 
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134 

180 

56 
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52 

279 

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[264 

47 
37 


260 

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435 

£10 

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600 

330 

315 

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210 

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MINE S — Continued 

Start i Pita M Set lew!™ 

Australians 


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fAlbtarErpTn hi — 

32 

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— 

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FBafmoral Res 

33 


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— 

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♦Black Hill Mms 

33 


— 

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51 

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99 


1 Qi** 

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Ktaugaxmlto * Ww - 

276 

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204 

FCRA 52 

376 

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KL 


— 

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Kentral Pacific 

22 

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Sic 

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FCoopen Res. HI — 

8 


— 

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— 

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— 

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ttajk Corp 10c 

JOTc 

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— 

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265 

fh' 

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rendeavra- 2Dc 

U*i 

— 

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^Enterprise GU 

30 


— 

— 

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FGM kalgoorie 75c 

765 


ha 10 c 

0 

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fGreal Eaaera Mns. - 

* 0*2 

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38 


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1*3 

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PHiU Minerals N.L. 

34 


— 

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plntnl Mirung . 

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Plvanfioe Gld Nl 

8 

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PKalbara Mm 20c.... 

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VKiaOra Gbk) N.L... 

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— 

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92 


—V 

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fMeekatharra 75c.— 

48 


— 

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74 

pftArotfelf. P ■ Uk 

50 


— 


22 

fUeoni Mmrrals UJ_ 

198 

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128 

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178 


N8c 

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52 

rdakbridge 50c 

58 


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— 

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FPanconn 25c_ 

82 


— - 

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— 

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35 

Pannga Mng/Er*5p 

60 


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33S 

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13 




135 



205 




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r-sivrtbjtton. «L_ 

41 


— 

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rSamson Emi n. NL - 

26 

-1 

— 

— 

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|fSei trust 50c 

64 

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43*j 

+ *1 

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228 

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83 

10 

290 

525 

13 

IDO 

56 

28 

325 

225 

185 

40 

93 

60 

190 


Uys-HtumSlII I 

GoWiBasTlJ^p 
fcopeng Cans 
(Hongkong .. 


Llamar 12*20 — 
(Hamming SMO0O . 
Malaysia Mng. I0c._| 
VPatwmg . 

JPengkafen lDp ] 

)PeU)ing SMI _J 

Sungei BesiSMl J 

VSupromeGorpMll- 

jTargong I5p 

MT«gk*H.rnJHl-J 
iTronohlMl — _ZJ 


260 

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10*i 

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900 
18 
220 
67 
54 
600 
285 
315 

325 


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i.o ho j 

- 38 


170 14 VAdimral Hines. 

90 34 » Anglo- Dominion 

93 55 [Anglo Utd. Dev. 

400 18Q VCentenmat Mto-h. ^ 

170 60 VCoibyResCorp.. 

955 315 Zorn. Mun*. IDc — | 
OWj Ut)^ EastanTms.Ciis.50c, 
245 170 Hampton Areas lOp. 

215 103 OHighwoodRes 

£24*2 £17»i DomrsUke MddngSl . 

495 275 NdrthgtaCSl 

687 437 R.T.Z 

□48% tics Oo.9%j>cLii' 9$-I1»0- 
190 13 VSabina Inch CS1 — . 

U1V31Z IfTaraExptnSl 


Miscellaneous 

M 1-2 
75 


55 

3S5 

170 

*55 


+5 


St*' 
200 
£24 

TO 


100c 

085C 

3.75 


QZOc - 

U7.C 2.9 
09(2% U 


11.9 

3.8 

i 

03 

1.9 
1.5 
0.7 
97 


00 


34 

1t>3 


NOTES 


pnrlow dnwknd or fonrcju. 


Uitai othrndie bxsemo. prices and net tfimlrm* arc » prxm and 
dcnmnkulura Jre 25p £ BmaC e d p rWeanvrrgt rxCMn and covert m tated an 
UttB round reports and acesuns and, whirr possible, aro updated on hdt- 
rofefe feuns. P*Es aro raku la i d on "net" tSaribuCKW bar's, frarrvnyr per 
share bemg campuM on pratd after lae a cm n and ui n ubm d ACT eWro 
appHcafer; bracMd ftgwn (rx w evar 10 per cam or more differ m et d 
cdtcuUKU on “oU“ dMnbunim. Corors are baud on "maxlnrorr* dUrtwtian; 
dr* comures grou ormfend coiCs to arnhc after laxacaox. ev eATO na 
eaepuonal profits/toste, but indudlag rauaiated merit ol oftaehabfe ACT. 
Viebli are taxed onmiddfe prices are adhRtfdn ACT el 30 Per com and 

aJUxr lor wfor ol ikclared dotrlbuliini and rights. 

• 'larf* Stock. 

• Highland Lows martodtlxB ha# been aiRiaaedta altar tar ngMstnm 
ta cash. 

t Interim um bicroMM or rewmra 

J Interim since reduced, passed a deferred. 

n PrxxSpal rod mtn«l tar-tree to non-resajents an apphCMtaa 

♦ Ftgurts or mporl rotated 

V HOI OfflctaUy UK loM: dratargs perewned under Hide lbM4Hal. 

+ U5M; not Hoed on Suck E ectiange and Company no) BCyectcd to tame 
dearer of •egularioa av lout waxrttcs. 
n Ml ri unde* Ride 163111. 

* Price M wmr (d noeew. 

1 ktaejnen Onriuend Jrter pcmling scrip aatanr righa ttlar cwweriMas to 

♦ 

0 Not conparobfe. 

f 5amr interim rethrew! Inul andAir reduced catenas (ndtaced. 

Foreun dfehtaxt coeee on Nnungi updafea by laces; Interta sot e mpA. 
Corn allows lor cmwaseon of share not now tpnHng tar id ita u d i or 
rwrlwg oMy ta "Bowled dmdrnd. 

R Cover doe ml nUo- tar share which mas also rank lor dhldcnd ac a 
hnure date. Ho Prt. ratio ihrutly prawdtd. 

8 Ho pa vata. 

B Fr. BrSgtai Francs. Fr. French Femes, if Yield bawd on tas u M+ i Uu ii 
treasury (Ml Raw days onchangcd (Odd mabxny ol dock, a Tea free, 
k r tares bawd on prouectus or other nttfeiol olimalt. c Cards, d Dividend 
raw pad o* payable on part of capita, cover basal on divefewd as fun capita. 
ftanWm rirtd. IFIM yreU pAssxnM dteMeral and ytcW. bAUiened 
dndotnd am ysrid after seno mue. I Painnwi tram capita mcec. k Kwrya. 
as Mderlai lugha than prevails Mai. n Rfehts have portna 4 Eandngs basal 
an prehmnay Dgores. S DnnOend and yield rvckJdr a rpocta paynwnc. 
t Inhcalea dividend, cover reuses to prevMxn dhridend, PfE ratio based on 
latest anrbiat fawn, a Forecast dtafend- caver bawd on previews row's 
ranaaos. « Subfoa to local ua. x Dnudeed cover ia excess ef 100 tunes, 
y DnMcrel ana rsrtd based an merger terms. iDierdend and rickl nUnde a 
sprcsal paymtnL Cover does an at**r u special pavrerM. * IM tbridmd rod 
ySHd. ■ Preference dreefend passed or deferred. C C anadia n . D Issue pice. 
£ M Henna* termer price T Dnurnd end ywta boned <m prospectus or Ollwr 
Official eunaics tor 1983+M. 6 Assumed (bvKlrnd and yield after prmkng 
scrip mgr rtats issue H Dwdrnd and yleta based on prosontus or other 
oflidkl estknaus lor IW. K Figures based on prupcaus or official — rimu— 
tar 1984. M DiMdcnd and weld based w propoctus be offer official ettanias 
ta 1483 N PreUfeM am riria bawl m nnssarxius or win nfhrul mnuns 
fee 1985. P Fi*ur» based on pnospatm or Mber elticW atlrnatt lor 1 9BS. 
B Cress. T Figures assumed. 2 DivrrSeW) total to date. 

Abonmxwns: XI ex dhtoreo; K n scrip rest#: ff ca ngns; do XI; dn 
capital droribotMw. 


REGIONAL AND IRISH 
STOCKS 

The toHawmg is a selection of Regional and Irish Hurts, fee latter bensq 
quoted in Irish currency. 


Albany Inv. TOp — 
Craig* Rose £1- 

FWay Pbg.5p ,. 

Higsons Brow ' 

Hull UcfSI 25p 

I.O.M.Stm. £1 


77 


Fin. life. 97/02—. 

C9Z*. 


900 


Anwu 

218 

..rare 

117 


Carrol Inds. 

120 


900 


HaHIR.4 HJ. 

66 


ISO 


Heitmi Hldgs. 

21 


'fWcj+s, 

Insh Ropes 

Jacob IW0 R.) — 
TM.fi. 

U 

60 

60 

TOM 

+2” 


0 PTI ON S 

3-month call rates 


Ataetf-tyons 15 

BOC Grti 27 

BSR 26 


Babeock 17 

Barclays Bank 15 

Beeduia. — 32 

Blue Circle 40 

Boots 16 

Sweaters 25 


Belt Aerospace. 

BAT OS 

Brown U.I [3 

Burton Ord 02 


Caoburys 

Comm Umon.. _Jlta 
Courtawds Al 

Debenfvuns 04 

Dtsi lifers (22 


Dunlop...-. 

FNFC.- 

Gen AccKferst 142 

Gen Electric 16 

Glaxo 70 

Grand Mel - . 30 

GL>5 'A' . » 

Guardian . SO 

GhN BO 

Hanson Tsl . !17p 


Hawker Sidd. >8 

Kse of Fraser . — 26 

ICI 42 

■imtar 12 


ICL — 71 J 

Ladbroke Z3 

Legal & Gen a.. 6 

Lex Service 10 

IJoytis&o* SO 

•Lots' — 3 

Lucas Inch 10 

■Uantf 14 


Marts 4 Spcr 28 

Unhand Bank 36 
NEI U 


Nat West Bk .60 

P 4 0 Did ..... 

Ptesey (20 


Ratal Elea- in, 

BHM (B 

4^ Rant (leg (fed . 

Reedlntnl J 40 

Sears Yb 

Tesco . . . -.-.Ub 
thorn EMi._. 

1 rust Houses . D8 
Turner klrvull . ..00 
Unilever ..... (75 
0 selection of OpCtaMi traded is green cm the 
London Stock Cectnwpr Report page. 


Vickers 

WootworUiHIdg.. 


Brit Land 

Cap Counties 

Land Secs 

MEPC. 


Peachey 

Samuel Preps- 

Sterling Guar 

OH* 

Britt. OH 4 M xi 
Brit Petrofeum.... 

Burma* (hi 

Charterhali ... . _ 

Premier — 

Shell 

Tncemroi . _ . . , 
Ulbamre 


Mint* 

rrvinrr Cons. 
Cora Geld 


Ru) T 2 me 


'Recent Issues" and “Rights" Page 37 


This service is miabte ta ever) Company dealt ia oa Sturt 
Eukngn throughput the United Kingdom for 4 tee of £700 pee 
30 mm fW CH0 sccunlj. 





Insurances — continued 


140-3 157.9 +0.1 


Albany Life Assurances Co Ltd 
3 Darke* Lane. Porters Bar. 0707 142311 
Pension Fonda 


UK Equity 148.0 155.8 +0.5 — 

Int Equity 131.1 138.1 -02 — 

Property 105.0 110.6 .... — 

fixed Int 114.5 120.6 +0.1 


EqPenFdAcc 684.8 720.8 

EuroFoAec 100.7 103.9 

FxdPenAoc 437.3 4S0.3 

GtMnPnAcc 256.1 269.6 

imlManFd 269.6 283.8 

JapPnFdAc 149.8 187 A 

AmPnFdAC 118.3 124.5 

Property 238.6 251 .1 

MplinPnAec 336-4 585.6 

Colonial Mutual Group 
24 Ludgote Hill EC4P 480. 
Coniiol LHc Auannca 
Key inv Fa — 130-48 
PcmkrfnvFd — 130.01 
Equity Fd 115.61 121.69 
Fed Int Fd 109.34 115-09 
ProetvFd 703.49 108.94 
C*r*h Fd 101.91 107.27 


720.8 +2.6 

103.9 4- 0.2 

460.3 +0.6 

269.6 .... 

253.8 + 1-4 


Fixed Int 114.5 

IndxUdGt 87.8 

Cash 100.9 


87.8 92.5 + 0.7 — 

100.9. 106.3 — 


PenMnylnt >117.2 
P€ Coronet 192J2 
HrwIngCnFd 282.1 
StratlnvFd 154-4 
Heritage Fd 149.6 
Saoe Fd 123.5 
DBSManagd 139.0 


123.3 .... — 

202.3 +8.7 

296.9 + 4.2 — 

162.6 

15741 + 3.4 — 

130.0 +6.7 

146.3 + 1.8 


General Portfolio Ufa Ins Co Ltd 
Cron brook St Chaahont Herts. 

_ , Waltham Cross 31971 

PrtfloFdlnA 266.1 280-2 — 


157.8 -1.9 
124.5 +0.7 


251.1 

585.6 +1.9 


Managed 140.5 147.9 +0.1 — 

UK Eqnlty 109.9 11S.7 +0.9 

Int Equi sr 103.5 109.0 +1.0 

Property 96.9 1 02.0 .... 

Fixed Put 97.7 102.9 +0.1 — 

IndxLkdGt 92-4 97.3 +1.1 — 

Cub 96 A 101.9 — 

Continental Ufa Aasuranoe PLC 

64 High St Crovdon CRO 9XN 01-680 5225 

Equity Acc 187.3 197.2 — 


Friends' Provident Ufa OKce 

PTxfiam End. Oortdng. (0306) 885055 


Propty Acc 166.7 175.S 
Int Acc 14B.2 1S6.1 


Managd Act 173.9 183.1 

Spec Sits 131.3 138.3 .... — 

PenlntAcc T4I.7 149.2 .... 

PenPrpAcc 186-2 196.0 .... 

Pent fault* 220.3 232.6 .... 

ImMrta 171 J 1B0-5 .... — 

Gilt Deposit Index Fund prices available 
an request. 

Crown Ufe 

Crown Ule House. Watting GU12 1XW, 

046662-5033 

PenMnyAce 129.3 136.1 — 


Cal Mut Ufa (Pans lea AatmiHtea) 

ManCpAS 106 67 112.29 — 

MantnvAlB 107.24 112.90 — 

Commercial Union Group 

St Helens. 1 Undenhatt EC3. 01-283 7500 

VarAnnAccUtS — 165.60 — 

Vir Ann Mar 23 — 35.75 — 


Ufa Fuads 
Cash Actum .994 
UK Eq Act 123.1 
Fad Int Acc 104.5 
Indx Lkd Acc 89.3 
Mixed ACC 110.9 
OseasCoFd 107.3 
Proptyt Acc 100-1 
Pension Faeds 
Cash can 
Cash Acc 
UK Eq Can 
UK Eo Ate 119.4 
FxalrnCao 

FadlntAcc 

IndjrLMCap 06.6 

IndxUcriAcc 

Mixed cap 
Mixed Acc lll.o 
OveajFdAC 110.2 
o'tew Acc 113.6 
Prop e r t y Cap 95-2 
Property Acc 98.2 


104.7 .... — 

129.6 +0.9 — 

110.1 +0-5 — 

94.0 +0-2 — 

116.9 +0.5 — 

113.0 +0-1 — 


PrtfloFdlnA 266.1 
PrtflPEqCap 251 .8 
UK Equity 105.4 
O'wo Equity 93.8 
Smaller Cos 96.5 
Gilt Plus 94. B 
Gilt Plus 58 06.8 

FxdlntOep 96.4 
Managed 1015 
Inter Man 95.9 


Fixed Int Ac 100.3 
GltlndJtLkdCp 91.8 
GlthiOjrLkdAc H.3 
Managed Cap 95.7 
Managed As 96.1 


FxdlntOep 96.4 101.S .... — 

Managed 101.5 107.0 — 

Inter Man 95.9 10141 .... — 

Guardian Royal Exchange 
Royal Exchange EC3. 01-283 7107 

GKE Pensions Mama gament Ltd 
PensPudnt 130.a 137.7 .... — 


St George Assurance Co Ltd 
The Priory. Hitch In. Herts. 0462 57161 
Managed Fd n 2.1 IJD.1 +1.6 — 

Universal Fd 107.2 112.9 +3.1 — 

Scottish Provident Institution 
6 St Andrews So. Edinburgh. 031-556 9181 


Internatkml 112.4 


109.1 +03 

11*4 + 1 .5 


122.0 +1.0 — 

123.7 +1.1 — 

109.3 + 0.3 

113.1 +0-3 — 

91.2 +03 

94.1 +0.3 — 

14 3-4 +0.3 — 

116.9 +0.6 

116.1 +0.7 

119.6 +0.6 — 

100.3 .... 


PensPrpAec 143 J 
PensUidGtln 92 J 
PensLkdGtAc 34.0 

PensDeaJnt 141.1 

. . ACC 154.5 


Property 
Fixed Int 
index Lkd 
Cash 


CAL Inve s tment s (Bermuda) Ltd 
PO ** 1022. Hamilton. ^ 

CALCTRFd $0,608 0.838 . . — 

D'hed Inv 510.36 10-57 .... 5.B 

Dealing days ovary Monday. 

Capital Preservation Fund In t er na tional 
14 roe Aldrlngen. Luxembourg 1118. . 

Cap Press Fd — 610.28+0.01 

Commodity Advisory fives (loM) Ltd 
48 Athol St, Douglas, loM. 0624-20845 
Com&FFAs 58.09 6031 .... - — 

Comm* Fd 36.09 60.51 .... 

Hext dealing date April 2. 

Citibank (C) Ltd "Citifurxla" 


Standard Chartered Of 


PO Box 122. St Haller. 
Sterling . _ EJ04< 


SterUng 

(Actum) _____ 

American 57.18 .7.64- - — 

(Accural - 57.18 . 7-64 — 

Man Cur 59.75 — —0,10 9*0 

(AcccmU SdO.18 , . • — —0.10 930 

Pen FUrop In 96.4 • 101.6 ... . •. 

.DO Ord 98.6 .TOV4 

Lazard Brothers I Co (Jeraey)Ltd 
PO Bos W St HMterr JersMr. , 

CapGBd 13436 1565.17 ...I 11-06 

LaiBrFrE 517-44 T0.3T 1.00 : 

D ned-Jdc 10.70 TO.91 5.T 

Do-Accm) 10.76 ,M,t7 ’5.7 


£10-44' 
*10.08 - 1 
.57.18 
57.18 . 
59.75 
SIO.IS . 


Car M*t Co. 6 join b Goieirawe*. Curacao. 

. -Met asset value Mar 6 37.39. 
Taiwan (R.O.C.)Tund: ?■ 

■rs da.Cpsa thd.' Kino WUTIani St. 

at Trust Mngrs (Jargey 

TynttaH-GuanUan KbiugAment Ud 
H54M25B. Hjop^Benqptu. 


PenMxdlnt 104-1 


Handers on Administration 


26 Flnsbary Sq. London EC 2. 01-638 S757 


F.T. CROSSWORD 
PUZZLE No. 5,373 

ACROSS 

1 Wake up after midnight and 
complain (6) 

4 Fair play in Gateshead (8) 

9 Keep revised date at home 

( 6 ) 

10 Bowlers may hang around 
(g) iaSneuis s^etn pne — B-xaq 

12 Candidates may get cross at 
this time (8) 

13 Stick notice on present (6) 

15 Provoke the Danish leader 
by fighting back (4) 

16 One sort of insurance policy 
covers home and masses of 
land (10) 

19 Scolding when one's count- 
ing is bad ? (7. 3) 

20 Slight lump on Sidney’s head 
(4) 

23 Attend to the boil (6). 

25 When semi-nude, slight 
movement gives great 
pleasure (S) 

27 Drains some pipes (&) 

28 Miner detailed to get dog 
( 6 ) 

29 Torn after the way it's taken 
off (8) 

SO Young lady returns guide 
with manuscript Inside (6) 

1 DOWN 

1 Someone unexpected but 
particularly welcome moves 

dog-ends (7) 

2 Where varnish is put at 
once (2, 3, 4) 

3 Fish cooked and gutted 
today is not to be trusted 
(6) 

5 Blueprint left In vessel (4) 

6 Unusual desire to have the 
conservationists living in (8) 

7 Angry creature that is found 
outside (5) 

S Seen in the gallery, Des is 



High Inc 168 J 
Gilt Cdgtd 99.1 
Cap Growth 164.9 
Technology 172.9 
Nat Be ’ cob 144-1 
Spec Sits 197.S 
N Amer 202.1 
Far East 217* 
Property 118.3 
Managed 197.9 
Prim* Raa 1194 
mpwi 120* 
Mod Carney 97.3 
GIOHthCaro 92-2 
Pension Fantfs 
UK Equity 119.1 
Fixed Int 117* 


177.4 +0.7 

1 04 A .... 
1716 +04 


Pens Ftp lot 96.7 


116.9 +0.5 

ICO. 3 +0* 


182.0 +0.9 

151.7 +04 

207.9 +0.7 — 

212.0 +2.4 — 

229.3 >-0.7 — 

124.6 +0.2 — 

208.4 +07 — 

125.7 +0-1 — 

126* +0.6 — 

102* +0.3 


_Do Ord 
Pen* Fad Int 
DP Ord 
Pafrilitkdin 
Do Ord 


101.9 .... 

IOC- 6 .... 

1 03-5 +0.1 


Groen St. St Haller. _ 0554 

U3.SF0 S1O.608 +0-000 

£ Sterling Fd £5.331 +0.003 

Swfr Fd SwFr?0.284 + 0.001 

JIB Ten Fd Y2.0B1.357 +0.831 

Deutsche FO DM20.SB3 +0-006 
MX'Xtgrt Fd 510.540 + 0X03 

“CMJcars" _ 

Cities rt. Mar 5 9-330 .... 

Dun vast Ltd 


NChAmFd 510,30 11412 .... 0.09 

Lewis * Poet, fiarfee (Guernsey) Ud ' 
« Beat 147. St Peter port, G 


104.2 +0.1 

96.0 +0.7 


Pen Cash Int 96.2 


NAVMarl 5162.46 . 

EBC Trust Company (Jersey) Ud 


Ssec sits 
N America 
Far East 
Managed 
Comm Prp 
Prtme Rest 
Deposit 


125.4 +0.5 — 

121 A _ 0 .i — 

133.7 +0.1 — 

109.6 +1.4 — 

159.1 -0.6 — 

127.9 + 0 6 

no.o + 0.0 

115.5 +0.7 

110.1 + 0.8 — 


SfcandM LHe Assurance Co Ltd 
Frobtther Hso. Southampton. 0703 33441 1 
Managed 162.4 170.9 +03 — 

Eoaity 181.0 190.S +1.0 — 

Interna tlanl 101.6 191 .2 + 0 J — 

N American 1014 106.7 + 0.9 — 

N European 1 ! 0.7 V16.5 + 0.2 — 

Pad 6c 126-1 131.0 -0.6 — 

Int Recovery 114.4 1<20.4 -0.5 — 


1-3 Scale St St Heller. Jersey. 0634-36331 
international la com e Fw) 

U3.IDOSMA 51.3383 + 04)004 8.03 

Do D»*t 51.0076 + 0.0003 2X13 

Mxd Cur Sht 6 51.1622 — 0X50+3 tJ9 

DO DIR 50.9396 - 0-0035 62S 

EvriXMLoaoTm X 22-39 +0.00 9-1 B 


+ 01 — 

+ t.o — 

+ 02 — 


G,lt »1s* 
Property 
Dtpour 
Pen* Mngd 


+ 0.2 — 

- 0.6 

-0.5 — 

+ 1+2 — 


..C apital units prices available on ‘request. 
Kinsman Assurance Society 

L 3 vSrSSf ^ Q 32 E 6 d,nb ?52!3 031 : 2JS 61 — 
15S-S il2i n 

Liberty Ufa Assurance Co rtH 


Pena equity 219.4 


Liberty LHe Assurance Co Ltd 

Station Road. New Barnet. 01-440 0210 

c“« n r MeneBera. Touche Remnant 6 Co. 


Pens mri 227.9 
PtnsNAmer 102.0 
PensNEuro 116.6 
Pens Pacific 133. 5 
ffmstocJtec 121.7 
PeniGitPlua 179.6 
Pena Fropty 161.3 
Pena Ora 167.0 


141.6 .... — 

207. a +0.7 — 

230.9 +1.7 — 

239.9 + OJ — 

100.0 +0.7 

122.7 + 0-2 — 

140.5 — O.B — 

190.J -OB — 

100 0 + OX 


Mxd Cur Sht 6 51.1622 - 0.00*5 6J9 

DO Dl*t 50.9396 - 0-0035 62S 

EuriXMLoaoTm 522 .39 + 0.00 9-1 B 

rnmnnna Bankbni Traded C i a 11 c 1 Feed* 
Income slo^iT 10.619 -0.031 — 

Capital 1 10-29 10.619 -0.031 — 

Sterling Price* Indication Only 
Income £7.21 . 7.44 +0.04 — 

Capital £7.21 7.44 + 0.0* 

. » Offer price Inc* 3% prelim charge. 
Fidelity International 

6 Bond St, St Htlw. Jinw. 0634-71896 
IrSTgsTsMU 5110.60 +0.03 9.15 


90 Boot 147. St Pet* Ftet. Guermw 

Cammed Fd 84.5 -6B.7 .... — 

Ugyds.Benk International, Genovs 
Pt> Boon 438. 1211 Geneva 1 1 CSwitzerlantO 

‘ raa 11 24VX3 

Boiler iiooj ioi» 77?. 10x1 

Growth 5F91S.O BTS-0 ... . .. 13 

Incoota SF294J5 306.0 6 7 

Pactec SF121-70 1266Q 14). 

Uoyds biti Money Marfcet Fund Ud ■ ‘ ' 
PO Bern 136, St Peter Port. Guernsey. • 

0481 24963 

Sterling Cion £10241 +0.017 0.44 

Dollar Ciasx 320^06 + 0.032 ' 830 ' 

Nad dealing March 28. 

Lloyd's Ufe (Isle of Man) Ltd - - 


United Fund 
16-18 Qveeae Road 


Ltd 

t.^Hona Kang. 

. •. 5-2*14117. 


SAMhrT jlOM : 11JD ~ 

Tomelehl Dyneitdo Mngt co 8A '• 

IOA Boulevard Royal. Laxembourv.- - 
DynamlcGwUiFd ' : 3TT.OB , +OVo« ‘ — 




Money Market Tnst Foods 


SAJF 103A 107.8 .... — 

Manes sment International Ltd ■ 

8k or B*maa Bldgs. B’moa. 809-295-4000 
BdalBFC S-\t3i 1730^777^--- 

BdalBFC 3132 1145 — 

P*iste at March' 16. Next EfeeUng March 23. 


Mdiwiud"^ : ^ ot ® rNotk * 

»-Berlcatev Sq. WTXSOA.- 01-469 6654 
«T QpVKtOrta St EC4H 4T. : 07-230 0952 


*=K r u»e , 

bap£- 

' r » 


AmVaHOnPrss Si 00.77 
AraValsCom ^=2“, ? ■ ■ - - 

Foribpa Security Management Co 


SelSec A 
Blue Chip 
Fixed Yield 


G'nteed Mnv T5.2 


Managod 1«2 

Intamatlonal 23.9 

Property 15. D 1 5.8 — 

Pacific 19.7 19.7 — 

Equity 16.5 164 — 

Special site 23.1 24.4 — 

Int Cur 13.1 13.8 — 

IndxtkdSeci 10.2 10.0 .... — 

American 16.6 17.S — 

London LHe Association Co Lid 
IOO Temple Street. Bristol BS1 BE A. 

0272-279179 


Linked At 

Equity 
Fixed Int 
Property 
Depone 
Mixed 
index Stfc 


For, Brice* o« Capital Unite and Guaranteed 
Basic Rales pteape phone 0703 234411. 

Swiss Lite Pensions Ud 

99-101 London RO. Svnoalis. 0732 4S0161 

Faulty £116.99 120.90 — 

Fixed Int Cl 06.69 109.23 — 

Index Lkd £96.53 IOO.W .... — 

Property £ 1 20 30 132.36 .... — 

Ca*n £103.70 103.70 — 

Mixed £118.55 122.21 .... — 

TSflLrfcUd* * Ut,<taV APr “ 2 ‘ 
TOBox^j. Keen* House, Andover, Hants. 

Managed Fd 111.6 M<7.6 +0.1 — 

Property lOO.a 106.3 — 

Fixed Int Fd 104.8 110.S +0.1 — 

Money Fd 99.9 ICG. 3 — 


London Aomtt 01 -639 301-3 
Gold Inc S9.76 10.26 + 0.02 T3.26 

Gold Apo £7.0*7 7.45—0.00 

DolUr Inc 58.3S 8.66 + 0.05 15.10 

Fnmllngtoa Overseas Fund Mngt Ltd 
PO Box 71. St Peter Port. Guernsey. 

0481-26541 

O'seasGth £0.513 0-540 + 0.016 '4.00 

O’smaGth 50.734 0.772 — 0.000 '4.00 

Frebblwn Fund NV 
PO Box 1735. Hamilton. Bermuda. 

NAVMr12 536.97 37.34 “ 9 *. 2 » 5 74 1I 

GRE international bwost Mngrs Ltd 


PD 8ox 194, St Heller, Jersey. 0534-27441 
Mngd Cur Fd — 10.7S +0.02 _ 


an object of worship (7) 

11 Town branch which accepts 
gold (7) 

14 Checked and found healthy, 
taken up in a toboggan (7) 

17 Of course it's only half I (4, 
5) 

18 For which one has to clear 

the bar as a punishment? 
(4,4) 

19 Setters can become such try- 
ing people ! (7) 

21 Weep when bringing up 
“Spring” by a Scottish 
author (7) 

22 Upsetting mom is a bloomer 
( 6 ) 

24 There again, it might put 


you to sleep (5) 

26 A swell thing to find in the 
first year (4) 

Solo don to Puzzle No 5372 


."BnSQHftEjQEa GEQE 

n-.Q -a ;f3 'R £ 0 

□DB5a 'QESEHECHG 
E - -C Q U E 
rjQQaaiaE 'tiatiQSQE 

□'?Q‘ '“ •'"'E -• r : G - E 

B!3aEG-,9Q5GQnS0O 

. n H ■ 

a - a • e . c c 

BCJBnaCG .. EaBGEQB 

□ an .a a a e b 

3303EBasc J onass 

ri Q •.'OT.-S ' '-.H 3 ■' B •' H 

baa HgjgggrGiEtagEEi 


174.9 — .... — 

177.8 — .... — 

143.2 — — 

212.1 — — 

index Stfc im.o — — 

Inlematlonl 121.8 .... — 

Managed Piads 

EqmtyiPI 190.7 .... — 

FlaM InKPI IMA — — 

PropertytP) 130.4 — .... — 

DeposItMPI 126.0 — — 

MIKMiP) 171.5 — — 

Index 5ttoP1 112.2 — .... — 

Incarntnim 11 9 J — .... — 

Manaywiso Frtemfly Society 

80 HeMenaurat Rood, Bournemouth . 

Monevwlsa 53.8 57.3 D ff*. 29Sfi ” 

Municipal Ufa Aaauranea Ltd 
99 Standing to. Maidstone. 0622 679351 
Equity Fd I07.S 1 13.5 ^-2.5 — 

Managed Fd 112.5 116.S +1.5 — 

Pramiom LHe Asauranee Co Ltd 
Bastchastcr House. HsriiMi Heath. 

^ . ...... .... 0444 4S8721 


Equity Fd . .. 125.9 1 32.7 + 0.1 

Windsor Life Assurance Co Ltd 


Global Asset Management Coron 
PO Box 1 19, SC Peter Pert. Guernsey. 

GAM Worldwide 5112.75 0481 -207 1£ 


Roval Albert Hse. Sheet St. Windier 68144 

N Amor Fd 185.9 1 95 7 — 

FutAasGth 102tAI 102(B) — 

Ras Ass Pen — 97.97 — 

Far East Fd 145.9 1S3.6 — 


- Offshore & Overseas-confiooed 


Acti bonds Investment Fund 5A 
37 rue Notre Dame. Luxemb'g. Tel 47971 
ABIbOMSIft S2T.22 -0.01 — 

Alliance Capital Management Int Inc 
62I6S Qneeo St Unite" PC4. 01-2*0 8881 

HMlUrCrMarlS — 58,11 I 8 ® 3 * 4 ^ 

TecnlorMarl 5 — 510.01 — 

OuasarMarlS — 541.92 .... — 

Arles Fund Managers Ltd 


GAMerlca 6106-47 .... 

FnturGAM .597.91 .... 

CAM Tydte 596.03 .... 

GAMusa 691.15 .... ; 

GAM Park Ave 596.63 ■ 

GAM Pacific *111.83 .... 

GAM Arbitrage 51OE.09 

Gniavoson Mngt (C) — Barrington Fund 

.*2 St ,*iS'5 r 4i!2 , 25S,- os34-78i*i 

Inf Mar IS 105-1 i OS , 8 xd 4.95 

Grind I ay Henderson Mngt Ud 
PO Box 414 St Heller. Jersey. 0534-7*248 
Mgd Fd . £10.06*9 11.4291 +o53b 5 
Mgd ACC ■ £1 0.5003 1 1 .02 S3 4- CMJ27Q 

Sterling Fd £10,1750 ' . — 4- 0.0025 - 
SieHing Acc £10.5450 — + 0.0025 1 

UA S Fd 620.3790 + O.OQSS 


U+SAK 62111303 K 0,0050 

DM Ed DM51 .3769 . + 0.0000 


DM Fd DM51 .3769 

SwFrAc 5wFr50.9B33 F 0.0023 

VMAK 75,177 — +1,0 

Gti'dioess Mahon inti Fwii) (Guernsey) 

PO Bo* 188. 51 Pater Port, Guernaey. 
CamxtDaMSSten. 0X0,23506 

Dollar 520-929 .... — 

Sterling £10.371 — 

Yen vs.1 22.037 — 

Deutschmark DM51.045 .... — 

Sana Fr S«rFr40-2B9 .... — 

IGF Management Services (no 
CIO Regirtror* PO Bos 1044 Carman Is 8WI 

Ogti*M Fd — — — - 

I DtGofdFd 559.77 62.76 — 

Investissententi Atiantiqua SA 

14 Rue Aldrlngen. Lowfnbnr*. 352 47991 

NAVMM2 592.55 S4A2 

Jardhia Flamkng & Co Ltd 
46th Floor. Connaugot Cwbt. Hong Kong. 
Cui+Bd S1124 .13.03 .... 9.10 

tAccnm, 81 9-41 19-16 .... — 

Ase* 510 JIB 10.78 .... — 


PO BOXZB4, St Heiier. Jersey. 

SleriFdlnt £10.41 10-46 . . — 

Bamiord Brandt Guaraaay Mngt Ltd 
PO Box 71. St Peter Port. Guernsey. 

Tech Coem £6 90 7-32 “*11 

IrrlGrowm 516.03 16.98 .... — 

PacBainiFd 524.28 22.5* ... — 

Brown Shipley Tst Co (Jersey) Ltd 


Nat Res'cec 1 05 c 


Proporty 142,0 
UK Equity 146.0 163.0 +1.0 — > 

Inti Eqoirv 130.0 137.0 .... — 

Jai+ets Fd 85.0 90 0 — 

Prudential Pensions Ltd 

HOI bom Bara. EC1 2NH. 01-408 9222 

Pra-Uxkad Retiif iinn t Plan 

Mamord Fd 136.fi 163-2 .... — 

Cash Fd ,17.3 122 2 .... — 

Reliance Mutual 

Reliance Hte. Tunbridge Wells. Kent. 

0992 222718 

HI Paosten Fmds 

DMoaltCao 95 5 1 08.6 .... — 

OcDOxt ACC 9S.9 101.0 — 

equity Cap 95. E 10O-B — 

Equity Acc B&.9 1 *< .0 .... — 


PO Box $83. St Heller, Jersey. 0534 74777 
Steel C40 £16.95 16.96 .... — 

IniBqndlnc . 610.65 1 1 .24ad — 0.18 — 

IntSOndAc SrO.90 ‘ tt. 56— 0.19 — ■ 

IntCurrency £1.07 1.14 .... — 

CAL Investments (loM) Ud 
16 St Georges St DouglaSIOM. 0624 20231 
CAL Gold” 84.1 BBS -0.1 — 

CAL M Stall* 94.8 99.8 ... — 

CAL 5II»“* 243.1 257-2 +2.6 — 

CAL Gold** B4.1 BB S -0.8 — 

QAL Cooper — — . .... — 

CALAlgm** 81 -S OS.B -0.6 — 


53,°? e ?. N T?.^ UDg . 

^.^ch”l£ 

Manufacturara Itanovsr Geofuods 
PO Box 92. St Ptear Port, W - ■■ 

tA Inc S103 31 10334 

LAAcct 5130.64 130.91 9.40 

MIT Inc 81 14JM) 116.16 .... 1147 

MITAccI Sl3B.es 136 35 7M 

MfriotlixMl Favn* Ltd 
Starting £6J07 + 0.001 7JI2 

yS- 510^63 + 0.003 8.B2T 

OS 92 +0 003 4.46 

5wlte Fr SwFt20.SSS +0.001- 2JJ2- 

JBP Yen Y2, 068-4 +0 3 5.58 

Managed Fd najsj +0J166 «3r. 

Marino Midland («) Ltd- 

140 B* wav NY 10015 USA. .2, 2- 440-1000- 

*■ , ..•*«*» ash I oar. April l4. 

SmitumI Montagu London Agente - , 

114 Old Sraad St. EC2- ' 01-626 3434 

ArtMaris SF91.7 . M3 . .T7 1 A 

ivMrtS HK548171 1222 . .. . 0.14 

117GpMr6 .16:84. It.lJ . .... IAS 
JyFMjIS £14.t .ts^o ..X.-, 1JU. 

MgntFBNF 510 J* '1037 i . 

U2. FIF - 1033 1047 ■ . - •_ 

Nat Wantmonatar Ja ra ay Pd MngnUd 
23-25 Board St St Halter, Jeraav, ■ 
Conwy Brafc OarrmcV Fw t£" 

-Z 

«ank of-Bermoda BaKdlega. Bemutfa.. 

A mar Ti* 58-45 , 8.46 

Putnam International Advteon Ltd 

RotiraStild AmH Managanmiit' (fj) 

St Julias'* ce. st Patar P^Gnamiw. 
Mi ua ' ..- -- -• .- .0481 *26741 . 

§S£K5V ’tfif 


Mr Qp Victoria St EC4N. 4T. 


6AT,-_ 01-238 1*836. 

ssa jss 


7-d*y Fund.L 


SBSg.” 


Mffletftaflfc tffiHWnts 




AWran Homo ^ 

36 Tbragd Vi eadte Sti€C2P 2 £h/' >. J. ' 

2B Flnsaary Orous. K2M sou " 






^lilf >r » 4 

5te*s : 


SP'h- 


. • Patsrnaster. Ram kiukw 


7 ■■ <»pm< ru, i. - 

* Paternoster Raw EC444 7 DM. 


S *£•»'«* 


JxdJI^. v—, 

Owtingtan. Totnea.-Pe'iori TOO 6Jr; r C: - ' • 

tfjy.Mke.Acc* ‘ 9J> v 6.9d ' 


iffltsrwr^ wm 


g«2«i 

ix&svc m 

* 3 BLM :■** 

•gRsesssm. 

l^tSur' _• fzfisoTO : ; “ 


ggP^-Umdon r 

ss sswag^M?.. 

:2B Wafteni 

29-33 Prliceq victorta St. Brt rtirir g*4.4«C * 


>-hv. 

Si i!*** F«- , 

Sfes? 


sterling 

sS Rane 


Ovman d.Ag: o*s‘ 8.T2 < 

^ Cheawdde. London ECzv^a 

a *t. ter a. Briwocartod . t 




«, Hong Ktmg.^ 


SWff Franc 5wPr5ll7.2l3 1 6^17 . “ 

fi ®*»»«*er Warn § LM ■ - ^ 

saneftnZ. 

si 


181 Ifttwest la QlegteHurael^oM 


■u* Do! ter 
D-mark 


a* JwyaSbgaJSJLteiSS 

t™ .awwal parc e a t age' rate- 


TV'*". 

^L*uw- 

; *r- r^r*(a 
**Ly* .5^.- 


1 *"* CJr 




bL*22.. 

bfe ‘ - 








yp,'*' 


i 3 j> 























































































































40 




COMMODITIES AND AGRICULTURE 




India to release 
tea for export 


BY JOHN EDWARDS, COMMODITIES EDiTOR 


INDIA IS to relY.se 2m kilos 
of CTC (crush, tear and cuH) 
tea, previously held up by the 
export ban imposed on Decem- 
ber 24. The India Commerce 
Ministry announced in New 
Delhi that it will allow exports, 
of up to 2m kilos, of CTC tea, 
for which sales contracts were 
signed before December 24. 

The relaxation applies to teas 
sold at auctions or private 
treaty, but the contracted price 
has to be comparable with the 
average auction prices prevail- 
ing between October and 
December last year for these 
types of tea. 

In theory this should mean an 
easing in the scarcity of Indian 
tea supplies that drove London 
auction prices to record levels 
in January, well above the 
October-December levels. 

However, the quantity in- 
volved is relatively small, com- 
pared with 180m kilos of tea 
imported by Britain from all 


sources annually. 

At the same time, strikes at 
India’s major ports, including 
Calcutta and Cochin, are already 
delaying shipments of tea ex- 
ports. so the extra supplies 
released may have no immedi- 
ate impact on London auction 
values. 

It should nevertheless eventu- 
ally mean an Increase in sup- 
plies of Indian CTC tea, and also 
raise hopes that the total export 
ban will be lifted when the new 
season teas become available. 

The Indian government is 
reported to be announcing its 
tea export policy for the 1984-85 
■season early next month: 

Although there will be 
political pressure In election 
year for the ban on CTC exports 
to remain, keeping domestic 
prices down, India needs the 
foreign exchange earnings and 
will be worried about potential 
long-term loss of export markets 
to competitors. 


Potato prices still rising 


BY RICHARD MOONEY 


THE EFFECTS of last year’s 
wet spring and dry summer are 
still working their way through 
on the UK potato market And, 
ironically, ideal planting con- 
ditions so far this season are 
also fueling the rise In prices. 

According to the Potato 
Marketing Board the average 
producer price last week was 
£161.77 a tonne, around three 
limes the price ruling a year 
ago and £18 up in tte last 
month. 

Too much rain last spring 
hampered potato plantings and 
the subsequent long, hot, dry 
spell held back growth. The 
final estimate for the 1983 crop 
has not been issued yet but it 
is certain to be well down on 
1982's 6.5m tonnes. 

High prices resulting from 


this situation have recently 
been exacerbated by improved 
weather which has allowed 
farmers to get on with planting 
the next crop rather than con- 
centrating on dressing the re- 
mainder of the last harvest for 
the market, as they were doing 
at this time last year. 

Further gains were registered 
on the London Potato Futures 
market yesterday with the April 
delivery position gaining £6.50 
to £217.50 a tonne and the May 
position £7.70 to £259 a tonne. 

Dealers said the rise mainly 
reflected the strength of the 
physical market backed up by 
stop-loss buying against earlier 
short sales. 

The market was active with 
1,312 lots of 40 tonnes traded, 
against 968 lots on Tuesday. 


Floor price 
fears 
depress 
tin values 


By John Edwards 


TIN PRICES lost ground on the 
London Metal Exchange yester- 
day reflecting speculative fears 
that the International Tin 
Council may decide at its meet- 
ing in London this week to 
lower the present “ floor *’ price 
of the International Tin Agree- 
ment. 

Three-months standard grade 
tin closed £52.5 down at £8.542.5 
tonne. In contrast capper 


Dairy farmers campaign 





BY RICHARD MOONEY 


:#•: v 

- j.- * 

:..-r 4 - •: 


prices advanced strongly, 
boosted by consumer demand 
for spot deliveries and forecasts 
of further sizeable declines in 
t-MF. warehouse stocks. 


• THE DECISION by Elders 
rxr. to extend prompt payment 
dates for Polish wool purchases 
could have serious long-term 
implications, warns Australian 
Wool Corporation chairman 
David Asimos. He said it was 
too soon to determine if the 
decision would damage the 
auction system but jt placed 
considerable pressure on work- 
able arrangements. 


PALM OIL futures trading 
on the Kuala Lumpur Com- 
modity Exchange is expected to 
resume today. 

COCOA EXPORTING and 
importing countries agreed at 
preparatory talks in London 
yesterday to go ahead with a 
full-scale negotiating conference 
for a new International Cocoa 
Agreement to be held in Geneva 
on May 7 to 25. 

WORLD SUGAR prices 
strengthened somewhat yester- 
day on what dealers described 
as “ light speculative short- 
covering.” In Brussels, the EEC 
Commission granted export 
licences covering 73,050 tonnes 
of white sugar with a maximum 
subidy of 399.80 European 
currency units a tonne — equiva- 
lent to an export price of about 
$185 a tonne. 


MORE THAN 500 farmers will 
converge on London today to 
protest at what they see as a 
savage attack on their industry. 

Proposals for a virtual stand- 
still on farm support prices this 
year and for the imposition of 
a ceiling on excess milk produc- 
tion were blocked by the Irish 
Prime Minister at this week's 
Brussels summit but the 
farmers see this as a stay of 
execution rather than a 
reprieve. 

After their protest meeting 
they plan to lobby Westminster 
MPs to support their campaign 


to make EEC farm ministers 
think again on the milk quota 
plan. 

Moves to reduce Common 
Market dairy production and 
cut the cost of disposing of the 
surplus have been long- 
anticipated but .UK farmers 
were shocked at the severity 
and immediately of the quota 
proposals agreed by the other 
nine EEC farm ministers last 
week. 

The plan is to limit Com- 
munity milk production to the 
1981 level plus 1 per cent and 
to penalise output in excess of 


this level with a tax of 75 per 
cent or 100 per cent of the 
support price, depending on 
whether quotas are adminis- 
tered on a farm by farm ; hasis 
or a daixy basis. 

In addition, guarantee prices 
are to be cut. :and the 
co-responsibility tax raised by 
1 per cent to 3 per cent 

The National Farmers’ Union 
claims such stringent restric- 
tions will have a devastating 
effect not only on farmers but 
oh the rural community as a 
whole, if they are ratified as 
they stand. 


The imiftii estimates thatsbaa 
5,000 of Britain^ SF.OOfr daky 
farmers WoUld be forced out of 
business by the' end of this year 
and that severe problems would 
also be : "caused : in the grain, 
sector^' .; because' ;, of ' reduced, 
demand for feed grain; and .the 
beef sector, becBusetif the .flood 
of . .culled daby cows onto the 
market - y ; :• j • • ,v - . '• . f' 
' If cutbacks cannot be ayoided 
the union at- least ' {wants pro-' 
ducers to be .jpven m«e time 
to adjust It has suggested a 
three-year transitional -period.- 
The UK .dairy -sector, .is: in. . 
pretty poor financial- shape; 


Even in of 

• 19SSE83kimIk Producers’- Ht oarrm^ 
were 7 per: ^t ; belk^the '1877-' 
1978}evelin wtl t£cn&aj&J& 
year’s wel i&IShg » 
summer caused , a; 30' iier b*j£ht- 
decline, according. -.to jfiwKf**- 
of Agriculture- estimates.' 





studying fhe aveUabJe m . 

with . a view;, to; Rdppftngiftfe 

approach." witich .will ^be -Heart ' 

detrimental ; .to- .BritistKfdahy 
fanners as a vri^e. »ft]itnw>om 
for • manoeuvre ■ -is ^-^strrctfr 
■limited /: and a‘- 'ionuiderahle-' 
shake-out til the 1 industry 
inevitable. Kl. - 

"'TV-. . 



■V* f - 




Levy ‘relief’ 
will cost 
Britain £6m 


One man counts the cost of 



By Ira Dawnay in Brussels 

AN EEC measure aimed at 
reducing the initial impact of 
the proposed superlevy on 
EEC daiiy farmers will cost 
English and Welsh farmers 
about £6m on balance, the 
Milk Marketing Board claimed 
yesterday. 

Under a special provision, lm 
tonnes of milk is added to the 
planned 97.2m tonnes Com- 
munity ceiling for the first 
year to allow farmers a 
breathing space. 

The budgetary cost of this pro- 
vision is to bet met by a 1 per 
cent increase in the co- 
responsibility levy on dairy 
production. 

British fanners will bear a dis- 
proportionate share of the 
levy cost, however, as many 
small fanners in other mem- 
ber countries, notably Ireland 
and West Germany, are 
exempted from co-responsi- 
bility payments. 

According to the Milk Market- 
ing Board. English and Welsh 
fanners would receive 130,000 
tonnes of the extra quota, 
worth about £18.5m. while 
paying more than £24m in 
extra levy. 


" THIS IS the biggest disaster 
for British fanning since the 
1930s," was the immediate reac- 
tion of Mr John Maiklem, a 
Surrey dairy farmer, to the EEC 
plan. 

“I cannot see anyone with 
more than a very small debt 
burden surviving.” 

Mr Maiklem is fairly typical 
of UK dairy farmers. His herd 
of 140 milking cows is close to 
the national average (if veiy 
small herds are ignored) as is 
the stocking density of his 60- 
hectare dairy operation. In 
terms of gross margin per cow 
his farm’s performance is just 
above the national average. 


Richmard Mooney interviews a, 
typical dairy, fanner 


Overdraft 


Mr Maiklem, a fourth-genera- 
tion dairy farmer, bought Pound 
Farm in Cobham in 1958. He has 
since built it up from 120 acres 
to 200 acres and increased the 
dairy herd from 36 head to 140. 
In the process, however, he has 
also built up his overdraft 
Loan charges of more than 
£14,000 swallowed up last year’s 
profits and left him .with a five- 
figure loss over the whole 560- 
acre holding on which he also 
grows cereals and potatoes. 

“ Dairying takes so much 
capital,” be says ruefully. With 


milking cows at £500 apiece his 
herd alone has a book value of 
£70,000 on top of which he needs 
cattle housing, milking -equip- 
ment and machinery for silage 
making and fertiliser spreading. 

“The economists tell ns the 
EEC plan will cut dairy incomes 
by £1 per cow: per week,” he 
says. That would halve the 
returns of most British dairy 
farmers and push those, trim 
have recent capital investment 
to pay for, such as Hr Maiklem. 
further into ihe red. - 

Mr Maiklem has ' several 
options, but all of them would 
mean pulling out of dairying, 
for the tune being at least.' 

He could sow more grain, on 
some of his land and use the 
rest to satisfy some of the grow- 
ing demand for equestrian 
amenities from the nearby 
stockbroker belt At a pinch hts 
cattle housing could; be cob-, 
verted Into an indoor riding 
school. 

Or he might opt for a tempor-. 
ary solution by selling his cows 
to pay off the bank but retain- 


ing the calves and . younger 
animals with a view, tp return- 
ing to thfl.Ht&iry sector^ in^a 
couple -of yefirs, by which.' time 
he hopes .the. dust' vriQ ;,luqre: 
settled. 

This course assumes fhpt'fhe 
initial reaction of the indaStiy 
will be overdone and there will; 
be room for him^in th e market 
by them . 1 • '■■■■ ' ’■ r ; 

, The Ihiicd, and least attraC: 
five, option is to let tlto farm. 
Financially, this, would probably- 
be the' most "rewarding ^ .the 
farm wouid'Cdmniand^axeijt of 
around-' £10,006 a.year befpre 
tax— butt it would be great 
wrench " for the Maiklehis -nmi : 
would bet tantamount tovadmit-; 
ting ; defeat. : 1 : r : V • -! 

- White he adiiiits tit b©|ng ’ 
•“ dose % , to^^atoc"."oYer-,. ; tiie; 
situation, he ;W--facM’ iwitix; Mr.' 
Maiklem is reldcXant-td nBoccttor 
blame.'. _• ", ; . • - ' j.’;;- • 

He does JteeL however. ' tiSat ' 
he andother dairy, farmersbave- 
allowed thwnselyestobcnusl^d 
by the< oyerdptimism at . the;' 
Milk.. Marketing Board, ; which 


.VJ^-ir has: BZtubbqrmy; -xnmMzmiiiL; fts 

:v ■ ’ ambition.- to;, raise 

‘ sufficiency' In. naiJ^'.sfroof-^Tae 

C- ..-.present 

: «enr de^pite .the evid$atir : prob- 
Clems', dr ^uptes'dai^^nRteq- 


t ^ ‘ A-' 

JT- - „»;ol 

- ■v'U s: ■»— 




se 




C-7T6 I - ’: 

t 


the ; 

t- <*ff 


. . . .. r .AUP- 

; pertfedrin tte -produ^tton^dcive 
. by- tSe- Goveriuuentaod'tKfeEEC " 
SteeK.. : ibd& vdf- .wt»fch:'*ffered 
t&herbus- grants i.for-C iny^- 
; ment: in growth;^ ‘ . V 

: 'S.iid.d^s -■ sictid&i ; ■ 

jjtaikfem :-recogmssfc-ti^rt' some- 
-- thfeog- to.be; done 
eVentuaHy ‘ sdwirt" EEG' bver- 
productioa of -mffid'bnt -lte .did - 
- not- expect^te acthmi to be; so 
spddezi or ' so seyer^' v ^--'^; * : 

■ -^SDeep wn* r 7hc ? : a&ntts; - he . 
; thou^ht^ ■ member ■vsoyernmencs 
'. would - <jnce - i4gaui ‘back ^away 
problem jai^aJZowfiie 
. neoSsasy fim&lo4je- provided. 

- btbuSht dowh to 

eairfis.witii aiBMpiibhehow; fears 
that - his' "room fab 7 - manoeuvre 
: cohja-^be’ drededr^ S change 
vof ^ttitode-by bis bank manager 
r-^a musf : be 

trou^ng many ^iiy , farmers 
at the -moment. ' . ■ iv r ' - . 


;HSar ^ 


■/■A - 


-3 

i, ,§£«* 

S* 

■s ■! t 

fi t-%2 & 

£>•* K '.: ; 
i-s- 5 ,: a ■ 


jflER CUR p 


r :i 


jlK-f- J-T? 
- : 
jwfctyi- 3.-- 

jsn Be'*' *• 
ra-*r* : : L 
i*ar- »->•- 


PRICE CHANGES 


BRITISH COMMODITY PRICES 


AMERICAN MARKETS 


i 1 1 

In tonnes j Msr. 81 j + or 

Month 

unless stated J 1984 ■ — j 

! ago 

otherwise ; ; 



Metals ’ 

Aluminium £1100 ‘ [£HOO 

Free Mkt ; «I4S5I14K -80 'jl&SOfMD 

CoDDor ( I 

Cuhl It Orade- C1060JW i-lB.tt £997.89 

5 mth» |£1074.5 +M.Z6 £1018.75 

Cash Catnode £1059.5 ,+ IS.5 £905.79 

5 mth» IE106B.5 + 14.9 £1008 Jb 

Goht troy OZ. _ 1*392.25 -0.7B.I394.7S 

i.«i Cash. |X380.5 +2.M £3180.5 

3 mtha £386.75 + 2 J58 £889.75 

Nicket £4856 ' S? 26 - 84 

Free Mkt 212|832e-l *ft(32Sc 



Oita 

Coconut (Pfiin ;S1810w * + 86 -81180 

Groundnut. ... : ; 

Unseed Crude t ; (£397 

Palm Malayan S760z I. S679 

Seeds I i ; 

Copra Ptlil. 8780v • 8740 

Soyabean(UA) >550u •+ 9,5 .8894.5 


Palladium 0x^48159.79 5162^6 

Platinum ox_.. 11x78.45 , + 1.65 £273.30. 
Quick aiiven.— UNA'S ib ... ...... ttso/BOO 

Silver troy ox.. . 66B.65p ; +6.9B 6Q0.4Sp 
S mttis 1682.83 p '46.B664.B5p 


Tin cash ,£6395 

5 months -£8948.5 

Tungsten §76.35 

Wolfram8M<lbl886/90 

Zinc. US780.5 

3mths- [X701.76 

Producers ...,>1,0S« 


— B35-'£8672.5 
- 1878.07 v 


| '175/79 . 

{48.6 1X680.5 
14 6 J6 £677.76 
i if 1060 


Crains 1 { I 

Barley FutMay {£182.30 O.2o £120^1 

Maize ttl47.60 £147.00 

Wheat Fut.Mayi£ 126.55 I +-0.06^124.40 

No 2 Hard Wind S ! j ._ j 

Other , ( . i 

. conunodttlas- — .. .»-■ *|. 

Cocoa ship't* '£1877 J£173B 

Futures May £1816.6 ^-26.3 £1670.5 

Coffee Ft. May [£1975.5 +88.5X1916.6 

Cotton AJnd«x» B8.60c 87.00c 

Ga* Oil Apr [8244.75 ,+0 .*IhS841.5 

Rubber (kiku.-;78p i— 1 [B3p 
Sugar imw/„... £119.5*0(1+- 3 i£iia 
Woolf pa 64e—i470pkllo | j472pkJlo 

t Unquoted, u ApriL a May. z Juno. 

v Apnl-May. w March- April, t Per 76 lb 

flask. * Ghana cocoa. n Nominal, 
c Cents per pound. 


LONDON OIL 


Bullish U-S. stock figures brought tha 
gas oil maritei in about a dollar highar, 
where it quickly met selling interest. 
Prices drifted down a shade during the 
morning in light activity- A rally on a 
strong U.S. opening look prices back 
to the highs but was short-lived and 
the market slipped back to trade in 
a narrow range until the dose, reports 
Premier Man. 


CRUDE OIL FUTURES 

Month i Ye 2£2 y, *kr 


Apr. 

ee- ■■•win 


June. 
July .. 
AU0 ... 
Sept . 




9 U.S. 
per brl 
31.07 
30.77 
30.55 
30.25 
30.28 
30.11 


!+5 -^ 



,—0.17 

r4-0JUI: 


J— 0.14 30.11 


Turnover 1 (0) lots of 1.000 barrels. 


SPOT PRICES 


(Change 
Latest 1+ or — 
CRUDE Oil.— FOB (3 pttr barrtn 


GAS OIL FUTURES 

TYeet'diy'sj 4 or I Businese 


est day s) + or 

Month | close | — j Done 


Arabian Light - it 

Iranian Light.. -27.56-27.70i-0.03 


Arab Heavy £6.70-2 6.80- — 0.05 

North Sea iForttesiJM.BO- 30.00: — 

North Sea i Brent i . ^29.90- 30.15. +0.1 
African(BonmrtJ'htnB9.9fr-30.10, + 0.5 


PRODUCTS— North West Europe 

tS per tonne) 

Premium gasoline..] 883-887 -0.5 

Qu OII.....T.TT 1 266-959 i —0.5 

^...1 182-185 I — 


Mar....... 

April — ~ 

May 

June 

July 

Aug 

Sept. 

Oct 

Nov 


Il» 


8UJS. I 
i r tonne , 

850.50 : +2J»iS51£5S49JI 

244.75 I40^5'345.M 244.5 
242.25 ; — I245J5-24I.I 

242.00 1— OJE5342.7B-MLB 

; 243.00 : — S4S.75-242J 

! 245 JiS j — 0.76 246.00-245.5 

248.00 j— OAOMLMJHIJB 
..! 251.00 >-0.76 !& 1.00 

354.00 [-0.50. — 


Heavy fuel 


Turnover: 1^16 (1,119) lots ot 100 
tonnes. 


GOLD MARKETS 


Gold fell 5} an ounce from 
Wednesday's close is the Load on 
bullion market yesterday to 
finish at $393-392}. The metal 
opened at S392J-393 and traded 
between a high of 33923-393} and 
a low of $391-391}. Trading was 
confined to a narrow range with 
movement in the dollar remain- 
ing the prime influence. 

In Paris the 12} kilo bar was 
fixed at FFr 103.000 per kilo 
(S391.61 per ounce) in the after- 
noon compared with FFr 1 03 ,000 
f $391.94) in the morning and 
FFr 102,500 ($392.71) on Tuesday 
afternoon. 

In Frankfort the 12} kilo bar 
was fired at DM 33,615 per Irilo 
f $393.51 per ounce) against 
DM 33.330 ($394.53) and closed 
at $392 £-392} from $393}-394}. 


In Zurich gold finished at $392- 
$392} from S393J-3M. 

In Luxembourg the dollar per 
ounce equivalent of the 12} kilo 
bar at the fixing was $392.40 from 
$394.55. 


LONDON FUTURES 


I Ll lL „ L [Yest'days | + or | Business 
Momn 1 Close i — • Done 


Done 


1 5 per troy 
ounce 


March. J — — — 

April ! 393.80- 92.BV — 1 .50:394.20-92.50 

June (400.28- DO.flO — 1 . K!400Ji 0-88.60 

Aug. *407.10-87.50:— 1.56. — 

Oct — I414.0O-14.SOJ — l-5fi| — 

Dec (4Zi.BJ-22.0o!— l.rs- — 


Turnover; 442 (555) lots of 100 troy 
ounces. 


Mar. 21 


Mar. 20 


Close 

Opening ! SS9&is-393 

Morning fixing.... S392 
Afternoon fixing! 9592.35 


(£273*4-27354) 

(£873*s-874j 

(£873.308} 

(£873.564) 


Krugr 
is Krug. 


U Krug. 
lilO Krug. 
Mapleleaf 
New Sov. 
is NewSov. 


Gold Bullion (fine ounce) 

9392-398*! (£273 1 2 -2741 j J392V393U 

i£273L-2734 4 ) . S394*i-B96 

(£274.050) , 3393.70 

I £273.234) i 8393.80 

Gold and Platinum Coins Mar. 21 
8404*4-405 t£282la-S83> '.King Sov ' S9Z'* B4 f£64*s-«5) 

SaOBi« a09M tE146J 4 -146 141 Victoria SOV >92^.94 (£E41i«5l 
8*06 '«■ 107 (£74*4-7414) IFrenoh 20s *77*4 ■ 79 J4 (£84*4-55*41 

(£301* S04«] 150 Pesos MexS48B4-487t,£339 *4-3401*1 

(£252*4 88234) 100 Cor- Aust 33B5 -386 i£B674«.a693 a ) 
(£64*4-68 i • ,320 Cagles 8630-640 (£440 14-447*41 

(£38*1-39*41 I Noble iPtaD 3410 ij -41 St£286(a -989)* 


343*1-44*4 
S404 404J* 
992*4-93 
366U-S6 


EUROPEAN MARKETS 


flOTTERDAM. March 21. 
Wheat— (U.S. S par tonne), U.S. 
No. 2 Soil Had Winter: April 161, May 
161, June 10/ July 10 1.50. U.S. No. 2 
Northern Spring. 14 per cant protein: 
April/May 180, May 180. June 178. July 
177. Aug 172, Sept 171, Oer 173. Nov 
175.50. U.S. No. 3 Hard Amber Durum: 
April/ Mo y 193.50. June 193, July 191, 
Aug 188. Sept ISO. Oct 182. Nov 183. 
Canadian No. 1 Western Amber Durum: 
April/May 207, June 207, Nov 201. 

Main— (U.S. S per tonne); U.S. No. 
3 Tallow: Afloat of Ghent IBB, March 
163. April 161. May 161, June 181, 


July/Sept 169.60. .Oct/Dae 138, sellera. 

Soysbeara— (U.S. S per tonne). U.S. 
No. 2 Yellow. Gulfpons: April 1/20 
324.60. April 324, May 323.76. June 
32a. July 325. Aug 323.50. Sept 306. 
Oct 288.50. Nov 288.50. Dec 288.30. 
Jen 292.30, Feb 296.70. sellers. 

Soya meal— (U.S.' £ per tonne). 44 
per cent: Afloat 232. March 232. April 
230. Aprll/Sept 238. Nov/March 237. 
sellers. Pallets, Brazil: Afloat 249. 
April 243. May 242. Aunl/Sapt 241. Oct/ 
Dec 246, sellers. Pellets, Argentine: 
Afloat 2*2, April 238.50. May 235-50, 
Mey/Sepl 237, May/Oct 237, sallSra. 


BASE METALS 


NICKEL 


COPPER VALUES rose sharply on the 
London Matal Exchange, boosted by 
the Initial decline .in sterling against 
tha dollar, rumours of sizeable stock 
declines in tha next taw weeks and 
good demand for cash material, for- 
ward metal briefly dipped to Cl .067 
but thereafter rose strongly to touch 
£1.078 before closing the late Kerb ar 
£1.076.6. Zinc also rallied strongly and 
closed at £703.5 reflecting " computer " 
buying and a widening of the back- 
wardation to around £20. Tin fell away 
an d closed at £8.545, after £8.520: the 
market was initially unsettled by tha 
abehnee of buffer , stock support which 
lad 'to speculative' selling ' precanra. 
Aluminium remained a nervous- marVet 
and -dropped to £1.015- before Japanese 
and U.S. support produced a close of 
£1.024. 


Nickel — Morning: Cash £3.345, three 
months £3.430, 32. 30. 25. 23. 24. Korb: 
Three months £3.420, 15. 10. 15. After- 
noon: Three months £3.405. 10, 20. 25. 
Kerb: Three months £3,425, 30. 35. 38. 
Turnover: 1.734 tonnaa. 


beginning Monday March 26 ia 
expected to remain unchanged. 


WOOL FUTURES 


PIG MEAT 


NICKEL i a.m. [+- oJ p.m. + or 
Official I — {Unofficial; — t 


Spot ' 3345-6 :-4Ji ! 3350-6 .+7.6 

3 months. 3420-3 -+ZJ, [ 3425 30 +5 


Nervousness ahead of the announce- 
ment of the average ail-pigs price 
(AAPP). which rose by 0.87p to 104.98a 
a kilo lor the week ending March 17. 
gave rise to early liquidation. Fresh 
buying both before and after the 
announcement gave a strong tone to 
the day. reports COST. 


LONDON NEW ZEALAND CROSS- 
BHH7S — Close (ia. order: buyer.- seller, 
business). New Zealand cents per kg. 
March 422. 425. 424-423; May 430. 438. 
431-430: Auq 457. 48a 457-458; Oct 
458. 462. 458-458; Dec 458. . 46X 457: 
Jan 459. 484. 460457; March 465. 470. 
487-468; May 472. 474. 472: Aug 485. 
'487.482. Sales: 79. ' '! 


■Yesterdays 1 Previous I Busin as 
Month close close done 


COPPER 


Amalgamated Metal Trading reported 
ghe 


that in rite morning cesh Higher Grade 
traded at £1.060. 61. 61.50, 62. 61.50. 
three months £1.069. 70. 71. 71.50. 

73, 74. Standard Cathodes: Three 

months £1.068. 70. Kerb; Higher Grade: 
Three months £1.074. 74.80. 75. 78. 

76.50. Afternoon: Higher Grads: Three 
months £1.077. 76.50. 76. 75.50. 75. 

74. Cathodes: Three months £1.068. 

Kerb; Higher Grade: Three months 

£1.073.50. 73. 73.60. 74. 74.50. 75, 78. 
Cethodeshtf— — — — — 

Turnover; 55,500 tonnes. U.S. Produ- 
cers: 74-77 cents a pound. 


silver 

Silver was fixed 5.9p an ounce higher 
far spot delivery in the London bullion 
market yesterday at 668.65p. U.S. 
equivalents of the fining levels were: 
spot S9.955. up 2.1c; three-month 
S9.803, up 2.5c: six-month $10,048. up 
1.4c: and 12-monih $10,623. up 0.3c. 
The metal opened at eec'i-eeT 1 * (53.54- 
9.57) and closed at 667-570p ($9.56- 
9.53). 


p_per Kilo (deadweight) . 
June-; 117.0 | 116.0 : 117JM14JI 

Aug....! 110.8 . 123.B I 111.8-713.1 

out 120.8 ! 117.9 • m*-ua.8 

Nov { 121.3 )- 119.T • I 121 jnwj- 

Feb 120.5 , 119.9 I 12I.9.I1M 

AprlL.-i 121.0 180.0 j ■ 


Sales: Z78 (350) lots of 50 carcasses 
3.250 kilos. 


POTATOES 


SILVER 1 Bullion +or' L.M.E. +or 
per fixing . «— ! p.m. — 
troy ‘ price : • Unafflat < 


• a-m. ;+ or p.m. + or 
COPPER . Official - Unofficial, -t 


HlghGrdei 


£ . 


Cash j 106X-.6 +13.2 1060-. B ,1U 

3 months. 1074-9 l+n.5 1074-6 +14.2 
Settfcm'tt 1061,6 rl3 1 ~ — 

Cathodes s 

Cash , 1062-3 +13 1059-60 +15.6 

3 months 1069-70+14 1068-9 +M.5 

Settlemt. 1063 '+13 — 


Spot 668.6Sp +6J0 667.6p +3 

3 months. 68 2.85 p +6.55J 682.5 p +4 

6 months. 696. lOp +5.85. — 

lEmonthsl727.35p '+5.15 _ ...... 

LME— Silver (2.000 oz~ contract): cash 
687.5p (664.5p); three months 68Z.5p 
(678.5p). Turnover: 0 (2). 

Turnover: 262 (113) lots of 10,000 or. 
Morning: Large three months 683.5, 

83.0. 62.5. Kerb: Untraded. Afternoon: 
Large three months 682.0. Kerb: Large 
three months 682.0. 81.0. 82-u. 82.5, 

82.0. 81.5. 


TIi ft market was again firm on the 
back of physical prices with etop-lcss 
buying contributing to the sharp rise. 

reporta Col fly a nd Harper. 

Yesterdjfta, Previous . Business 
Month 1 close dose ; Done 


Aori —| 
May .- 

Nov ! 

Feb 


£ per tonne 
817.60 2X1.00 218.58-21 1.9 

861.30 2S6.M-I48JI 
74J10 | 77JKI-76.I10 
84.00 I 85.00 
99.50 1 102-08-100.0 


859.00 

76.50 

84.50 


April . 102.00 
Sales: 1,312 (968) lots of 40 tonnes. 


RUBBER 


COCOA 


TIN 


Tin — Morning: Standard: Cash £8.405. 
three months £8.580. 70. 65, 60. 50. 55. 
60, 55. Kerb: Standard: Three months 
£8,555. 60. 45. 40, 30. Altemoon: 
Standard: Three months £8.530, 2S. 
20. 25. 30. 25. 20. 25, 30. 40. 45. High 
Grade: Three months £8.540. Kerb: 
Standard: Three months £8.540. 45, 50. 
Turnover: 3,465 tonnes. 


A fully steady opening was followed 
by a gradual docline and a closing 
cell at tha lows of the day. The lower 
prices efteciively halted producer sell- 
ing and no physical activity was 
apparent, reports Gill and Duffus. 


The London physical market opened 
about unchanged, attracted little 
interest throughout the day and closed 
inactive and slightly easier, reports 
Lewis and Pest. The KuSla Lumpur 
. Apnl fob price far RSS No 1 was 
258.0 (2S8.6) cento a kg end for SMR 
234.5 (236.0). 


■Yesterday's! ; 

COCOA does ! + or 'Bueineei 
— 1 Done 


No. 1 :Yesterdy*s. Previous ; Business 
R.BJ5. ; close dose Done 


I a-m. .+ or. p.m. 
TIN ; Official j — 'U nofficial- 

£ l - £ 


— t 


'£ per tonne' 

March 1800-30 —17.5. 1829-06 

May- ' 1815 17 —26.5 1555-13 

July. ■ 1818-14 1—25.5 1847-10 

SepL... 1802-04 :-15.5! 1825 00 

Dec ‘ 1778-79 >—10.5 J 790-74 

March-... ’> 1772-80 !— 9.5- 1757-70 

May I 1770-85 i— 11.5. 1770 


HighGrde £ 1 £ £ 

Cash- 8400-5 -60 - 8410-20 . 

3 months]8565-73 :-56 8B65-65 
Settle m - t H B406 -60 ■ _ 

Standard.' , 

Cash- , 8400-5 >-60 • 8390-400, 

8 months. 85503 .-50 ■ 8540-5 ■ 

Setaem't-I 8405 -60 ; — 

Straits E.. 1 SB9.15 ! — — 


-62J 

52.5 


Sales: 5.521 (7.758) lots of 10 tonnes. 
ICCO indicator prices (U.S. cents 
per pound). Daily prices for March 21: 
115.80 (118.25): five-day average lor 
March 22: 117.14 (117.15). 


£ per tonne 

Apr '775-795 

May -778-795 

ApMno .777-780 
Jly-Sept821-82S 
Oct-Dec'844-B45 
JanMch .864-865 
Apl-Jne 580886 
Jly-Sept 895-900 
Oct-Deo 915-930 


775-790 — 

780 790 i — 

,780 786 1783-780 
>825-826 [826-823 
1845-847 1845-844 
.862 888 1887-865 
,884-886 — 

901-905 l — 

1910-940 | — 


COTTON 

UVStPOOL— Spot and shipment safes 
amounted to 97 tonnes. Slow offtake 
brought relatively lictfe demand.. Minor 
orders concerned Centra f American -end 
venoue'Afriteeir^uSNfidf^-*-''**'- 

MEAT/FISH . ^ 

- MEAT' COMMISSION - -A ver age - fat 
stock prices at representative markets 
GB — Cattle 98.53p par kg h» ( +0«f»). 
GB— Sheep 203.1&P per kg " est dew 
(+-3.92). GB— Pigs 83J4p per kg Iw 
(+0.77). 

SMITHFIB-O-^Pence per pound. Beer 
—Scotch killed sides 77.0*83.5: English 
forequarters 57.0*60.0. Veal— Dutch 
hinds and ends 124.0-128.0.1 Lamb— 
English email 84.0-88.0. medium 83-0- 
86.0, heavy 80.0-84.0. Imported: New 

INDICES 


FINANCIAL TIMES 

Maf.~2trria£ laNTth ago- Year ago' 


303.37 i 508.00 B90.Q3 i Z6 8J9 
(Bass: July 1 1952*190) 


REUTERS 

llSr79 Mar. SM'tfi agoYoaragO 


1967.8 19S9.fi . 1983.0 i 1716.0 


(Base: September IB 1931—100} 


MOODY'S 

'MarTfi'lM'tti ago lYearago 


1068^ .1067.1 ' 1054.9 .1 1099.9 
" (Basef December 31 1831—100) . 



DOW 

JONES 


Dow. 

Msr. f 

Mar. tMoothj 

i Year 

Jones 

7 I 

6 j aao j 

1 *BO 


Spot '143.03141.99137.56,155.67 
Furs 1 144.851 146 .4H 139.49] 148165 


(Base: December 31 1B74“100) 


Sales: 57 (45) lots of 15 tonnaa. 
Physical closing prices (buyers) spot 
78.000 (Ifl.OOp). April 81.50p (81.75p). 
May 82.50p (82.7Sp). 


COFFEE 


SOYABEAN MEAL 


LEAD 


Lead — Morning: Cash £321. 21.50. 21. 
three months £324. 25. 2S.50, 25. 26. 
26-25. Kerb: Three months £326.50, 
27. Afternoon; Three months £328. 27. 
26.50. 26.75. 26.50. 26. 25.50. Kerb: 
Three months £325.50, 25. 25.50. Turn- 
over. 1B.B50 tonnaa. U.S. Spot: 25-28 
cents a pound. 


In moderate volume London opened 
on a steadier note against lower 
sterling and a late reversal in Now 
York, reports D renal Burnham Lambert. 
Gams were extended during a aulet 
afternoon as commission house buy- 
ing fuelled e gradual rise in all 
contracts. 


The market opened £2 higher, reports 
T. G. Roddick. The afternoon session 
sew commercial and commission house 
buying which pushed the -market higher 
still. 


” | YeaWay'B"j + or ; 


Business 

Done 


Zealand PL (old season) 69.039A PX 
(old season) 56.5-57.0. Porfc— English 
under 100 lb 6Z0-59.0. 100-120 lb 
55.0-57.5. 120-160 1b 48.0-5B.0. 

GRIMSBY FISH — Supply good, 
demand felr. Prices at ship’s side (un- 
processed) per atone; shelf cod £3.50- 
4.90. codlmga £4.00*4.60: largo haddock 
£4.40-4.80, medium £3.40-4.00. email 
£2.50-3.40; large plaice £4.00-4.60, 
medium £3.80-4.20, beat small £3.50- 
4.10: skinned dogfish (medium) £12.00; 
lemon sales (large) £13.60. (small) 
£8.40; rackfish €3.50; sal tha £1,20-1.70. 

COVENT GAROEN— Prices for .' the 
bulk 'of produce. In sterling per pack 


age unless Otherwise stated.^ English 


Mpnc .Yosterd’ys -f or 1 Business 
COFFEE CIOMf oone 


a.m. ;+ or p.m. i+ or 
LEAD 1 Official • — [Unofficial, — t 


i £ . £ : £ ■ £ 

Cash ! 38 1 -.5 >.7b ; 3201 +2.6 

3 months* S2626-& , 325.5-6 ; +2JW 

Settle m't 321.5 ;+.7S — .... 


ZINC 


March 2140-45 

May 1975-76 

July - '1923-25 

Spot '1882-84 

Nov. 1852 54 

January 1805-07 

March 1764-67 


. + 30.0 2145-15 
+ 58.51976-48 
! + 31.0 1928-05 
+ 26.0 1885-69 
1+24.5 1855-43 
. + 14.0 1808-05 
+ 10.51765-53 


1 * 1 . 

■ per tonne' 

April '184.00-64 .50 +2.16 

June 168. BO 8640 +5.86 

August 'lflfi.SO SG.50 +5.25 

October 166.6fl-66.4n +4.B5 

Dec 165.80 68.J0 +3JW 

Feb 187.00 B9.M +2.68 

Aprils. _1B7.DO-T2.DO +KW 

Sales: 94 (34) lots of 100 


164.50 82.60 
186.40-40.80 
1 66.00-80 JID 
185.0044^0 
155.10 


Zinc — Warning: Cash £720. 19.50. 
three months £696, 97. 98. 99. 700. 
03. 02. 01. Kerb: Three months £701. 
02. Afternoon; Three months £702, 
02-25. 02- Kerb: Three months £701. 
700, 01. 02. 03. 04. Turnover; 13.750 
tonnes. U.S. Prime Western: 53-53.75 
cents a pound. 


Sales: 3.896 (4.467) lots of 5 tonnes. 
ICO Indicator prices (U.S. cants per 
pound) fob March 20: Como, daily 1979 
141.56 (141.96); 15-dey average 143.08 
(143.15). 


SUGAR 


GRAINS 


ZINC j 

Belli. 

orrictai 

;■+ or. 

p.m. 1+ or 
Unofficial ~T 

. 

£ 

- £ | 

£ 

1 £ 

Cash. 

719 .6 

1+1.76 

780-1 

+B.S 

3monthsi 

701-.5 

+1JS 1 

701.5-2 

+0.26 

Settle m't 

719.6 

'+1.5 | 


! 


Old crop wheat reached 50p up on 
shipper buying but met profit-taking 
to close around unchanged levels in 
quiet trading. Barley was easier in 
very thm trade. New crops eased on 
hedge selling, reports Muirpece. 


LONDON DAILY PRICE — Raw sugar 
£119.50 ($171.60). up £3.00. a tonne 
for March-April-Msy delivery. White 
sugar S1B5.0D up $0-50. 

Rumours that shipment of some 
Thailand raws had bean deferred from 
May until July lifted prices, reports C. 
Czamlkow. 


No. 4 Yeetday* a Previous 1 Bus! nee 
Con- ] close close . dona 
tract 


ALUMINIUM 


WHEAT I BARLEY 

• ;Vesterd*y5 + or Yestcrd'a,-}* or 
Mnth ; close i — I dose . — 


£ per tonne 

MAy.... ]28.B0-2B.OD| m.WLM.M 'l28.0W6.7B 


Aluminium—* Morning: Three months 
£1.010. 11. 10. 09. 09.50. 12. 12.50. 13. 
14. 13. 13.50. Kerb: Three months 
£1.013. 13.50. 14. 15. 1B.50. Ahemoon: 
Three months £1.024. 23, 22. 22.50. 23. 
22.5a 22. 21.50. 21. 20. 19. 20. 1950. 
19. 20. Kerb; Three months £1.020. 
21. 20.50, 21. 22. 22.50, 23. 24. 23, 
23.50, 23. Turnover: 25.300 tonnes. 


Mar— 125.30 +0.70. 120.50 '—0.15 

May-: 186.66 ! +0.B5. 132.30 -0.20 

July..* 128.50 , — ■ — , — 

SepL.' 110.26 '-O.S6, 107.3S -OJO 

Nov..; 113.20 :— 0.80 1X0.10 —0.56 

116.16 ■ — 0.15, 113.19 -OJfi 


Jan . 


I || 1+0 

Alumlnlm! ajn. + or p.m. — t 

1 Official ! — -Unofficial | 

I £ 


j £ I £ . £ 

Spot -991.^.5 -11.2 99B-9 .-2.5 

3 mOntfUj' 101 3 .5 -12 -1019*20 ,'-3.5 


LONDON GRAINS— Wheat U.S. Dark 
Northern Spring No. 1 14 per cent 
Aprll/M ay 137.25. Juno 135.75. July 
135 sellers transshipment east coder. 
English luod lob Mar 130 sailer. Maize: 
French March 147.50. April 148 sellers 
casl coast. Barley-. English load fob 
Aon! 127 seller. Rest unquoted. 

HGCA — Locational ex-farm spot 
prices. Feed barley: Eastern 121.70 E. 
Midi T 20.40, N. East J2J 60. The UK 
monetary coefficient for the week 


No. 6 Contract 8 per tonne 

May'.. .. 1$5.2O.05.4Q| i:40-B 1 .80.186.Bfl-8V.00 
Aug. .... IBB.2fl-89.4fr 196.00-96,21. MO .20- 86 JO 

OCt 209.40- 09.B0:aiG .60- 06 3Oi/lO.O0-OfijW 

Dec. ....-216.00 16.40' 212.M-tS.40l214.40 
Mar.... I2UH0-65.2Q fU.W-M.B0,283J»*28.8O 
May - . ,118.60-19. 20756.H0 S8.GQ iajO-SB.4B 
Aug 245.M-68.MhaW.QB-46.flF - 


Sales: No 4 321 (387); No 6 3.482 
(2.855) lots of 50 tonnes. 

Tate end Lyle dalivery price for 
granu lated basis sugar was £228.50 
(£222.50) e tonne for export. 

Intsmatianal Sugar Agreement— (U.S. 
cents per pound fob and stowed Carib- 
bean pone). Prices for March 30: Daily 
price 6.67 (6.67): 15-day average 6-K 
(6-33). 


Produce: Apples — per pound, 
0.18-0.32. Ida Red 0.14-0.16." Golden 
Delicious 0.10-0.12, Bramley 0.16*0.22, 
Loucton 0.14*0.18; Spartan . 0.18-020. 
Pears— per pound. Cornice 0.18-035. 
Conference 0.10-0.22. Potato** — White* 
5.40-6.80, . Edward* .540-6.20.. Bakers 
7.50*9.00: new. isle-of-WIghi. par pound 
0.80. Mushro oms per ' pound, open 
0.50-0.70, closed- 0-75-0.86. tsttUCM — 
per trey, round. 0.S0-.1.40. .. Onions— 
per 55 lb 7.00-8.00.' Cabbages — pet is lb 
Celtic 2.60-2.80. Jen King 300-3.20. 
Beetroots— 28 lb round 2.20-2.40. long 
2-80-3.00. Turnip* — 28 lb 2.00-&50. 
Swede* — 28 lb 1 JO-1 -SO. Sprout* — per 
pound 0.15*0.18. Carrot*— 28 lb 2.00- 

3.00. Green* — 30 lb Kent 4.50-5.00; 
40 lb Cornish 7.00-7.50. Parsnips— 28 lb 

2.804.00. Leak s — par pound 0.17*0.20. 
Rhubarb— par pound 0J2. Outdoor 0 .?«• 
0.24. Tomato as — per pound 0.40-0.45. 
Cucumbers— tray 3.50-4.00. 

Imported produce: Ortufq ues 
Jamaican: 4.60*5.40. JHinneofss— 

Jaffa: 12 kg 4.60-5.70; U.S.: apprtwi- 
mately 14 kg 3.00-8.50, Temples—. 
Jaffa: 5J20, Murcot 5.50. Sattu msa 
Spanla: 2.00-2.50. - WUklngs— Spflnia^ 
3.80-4J20. Kara— Spanla: 3:80^,40. 
Cfemenrin^— SMrria: S2/120 *.80-5.00. 
132/168 4.20-4.60. Oranne*— Spehta: 

4.20-4.60: Moroccan; Mo roc. late* 3,60- 
4.50: Jaffa: Shamouria 20 kg .60 8.10, 
75 5.30, 88 4.7ft 105 4.00, 123 4.80, 
144 4.30, 168 4.80; Hedar 60 3J». 75 
3.75: Cyprus: Ovals approximately 15 
kg 3.80*4 20, Valencia late* 3.60-4.00: 
Italian: Bloods, treys 3.00-3.50. Lemons 
— Itilianr carton 4.00-4.50: Cyprus; 10 
kg boxes 2.50-3 60; Greek; 13 kg 4.0D- 
5.00; Spsnie;. 5 kg' 1.50-1. 6ft Jeffs: 
15 kg 4.00-5.25, 6 kg 3.00-3.20. Grape- 
fruit— Jaffa: 20 kq 35 5.8". 40 <i.00. 48 
5.60. 56 5.30. 64 4.90. 75 4.39; U.S.; 
Ruby 9.00*10.00: Cyprus; 32 '3.80*4.00. 
40 3.60-3.80. 48 3.50-3 60. 56 320*3.40. 
64 280-3.00. Pomelo*— Jaffa: 5^0*6.86. 
Kumquats — Moroccan; 1J0-1.10-, 
Brazilian: 1.10*1.20.- Apples— French; 
Golden Delicious COrtOll 4.50-6.50, 
Granny SmMi, carton 8,80-9.50, 


- ; - ' NEW -YOfUC.* March '21. 

.Gold, and silver condnumd^to trade- 
in' ■ - featuralb** .resfildn wRh trading 
coofined^To locals as apecuratora^ re-. 


msltted .btt'the- s«tel insir-a head- -of,- tin ■ 
- •appfl “ 


money supply- floured 'today;, 'ceports-.' 
Hoinald Co<hmoditiea.t ■. Copper '* main-' 

mined • .flmt' tone Oil: ligbthes* in" 

nearby - svppli**:' 'Sugar .eased -- early 
gains to cfose^ msrgirirtiy 'iiFgltbr'oo'the'' 
higher tfi bit - expected shkpo*- qf-rerMM..'. 
sugar, a warded at the tofesuy £EO sell- 
ing tender: Tectinicaf beUfhg.vtonfr whir 
reports of min in West Africa Jed’ 1 to' . 
sharp - losiftai ' in'" cdcdft..' ' .X^rffae 


^strengthened gn' ciwcain.-wt. wis* 
'ripued tightness in . nee rby supplies. 
rCattofl was . firm- on' specuisbon r-fifst' 
Ifto. - Soyjot J earthquake bed lerf' to 
' dMTisgft fat . ^ trrigxtkm-. system k: J nr 'the . 
’ ctttsao sreoL*. HqStfdg-'blf sutidd-SigbeT 
is ' reaction - to . xonstructhia trade 

- .stocks' report, h ut\yfa s uhftbfe to mum- 
tain - palrid due-, to ■ keen * spdttfllatlve 
selBng.i.GralnirrenwirBd finii on.actfve 
-COnunOn^al pfichTg'.aiid ; bptte*-. ^OKPQft 
nilsrut-v Early hedge selling.' m soya- 
-baansVfound 'apecutaxfye dypport bat 
'. taJOrn’ the session, renewed - hedge- sell- 

- ingyauued prices. xa. ssse.' -• 


3!M. 


ih£wvork: 

TlttUlWWfWWt- OO^OOQ.+bie^cAhtx/IIH'* 1 


: SWLVBR s,0QO-trojit:cc- ebrits/ttbyos - 

low 1 . "prev 
V.4*»JD 9644* 


fHANGC C 


Kl7.il 


RSn"»9 

Jt'ar 


July 

Sept 

Deft 1 

Jen'. 

March 


iwj- 9970 . 7005.1 

2 3S3|-, -1087.0 10210 ■ ia xx 

TtM 7I J0 . 71 JO -7M0 Jw, . -;1044^ , / 1065A 

fc. «re4 mi 


afsrart 
saeYn iSOO 


‘ — . . - Z +" Ik S -am** 1089J) 1 

•sfi . . 3 •" ,, ~*^asr ' rrWBM!r ; -.ioowk nimjD- wobjo 

- twa-a wqm . tiooio:, 1+07^ 


atas 


May 7®:» W-vm* ‘im*.. m 

July - . 78.70 ? “78.70. WMtll£l!*- j;-c " •• 

COCOA TO tnnnas. S/mrnn • : ; r - ItZte lbs. pwwsffS,- ■ . yr- ■ 


rZsCtt 

JbUCK 


- iv imnni, #/ iwnna - «•; - - ■ _ - • ' 

“s •. “7 -ffi; “eIiC-.'IS 1 vjSr Ss 

2480 2540 2458' ' 2568 e2T" . - 775 • - -7JRI . 7J56 


l-BUstch 

May . .2480 2540 .: wo zaee sent * ' 7S7 m i-TE- £r£ 

Jufy . . 2«« , 2520 »W. . , 2MT-. - [rlrS * , > J-* ,. 

Sept ‘ 3435 248$. , 2420- ZDS -jS • ‘ K* v- 

Dec- -. 2405 . ,2480- .2392 .'.24BP, •" 52?-' JtiL 

March . 2380. 2390 -2380 . '2456 sJSIf 0 T2 n" S'?*"' ^ ' ^1S 

Mav • 'T+wr ' -SS ■ --MB - 9.48 9.48 

"*■ • — : ~ ■- - 9J9' - 9J2 8178 9.79 


rr Cc'JT 
ar*n-< IOC 


jKXURRE 


COFFEE "’C 37,000 lb, cents/Tb 


Kv. IS 


'Close High " Low . - Prev 1 • 

March 1S3JM 55-00- EDJO0; BA01 -CHfCAGO '!*' 

May 14&88 MM 4S30 ^ 4*30 ' Hw r»Tnr «i w , V ‘ 

July VHL81 40 JO 39 jB0. -3BJ4 «jv* LATHE dftOQQ Tbs, ceots/fb 


July 

Sept TXA3 36AO-XM 3SJX. 

Dec 132.30 33 JO . 32J» - 3235 -April 

March 130-B8 31.00 30^5 -29.75 .June 

May . 12800-.. — ' -..2T.75 Aifli 

July 12575 ' . — . 2EM Oct 

Dee 


CpFFflR ;2S^M0 JbS, oerita/fb 


Clpiier': WOh^LDw TpSS 
«*£ r JD^ -4».S«*. - 89.70 

- 67. 70 ' 67.10 97.97 

-*M :jWSr -«.« 
■' Mm • 62-95 
-US 6*^0 .83.72 



March 
April 
May 
July 
Sept 
Dec 
Jan 


Close Hrqb low. ‘ Prw > 

«8^S . 98.70 : ne-an - ctm ™-H(^.30.qoOHra^ fie > iis/H. 


^ 54^5 r 64-45 <84.-15 - fijlfiS 


5 >:«s-»q 
e »«»!»! a vy.*, 

h.a ,;-*, ■ 


,r - - -^ ovr 


68-95 MA6 - • MLBT' April: . 48.65 ~*8.05 ' 470* 

7025 70.75 .7020: 69^0 June 56 *5 ... 65.17 6*70 5367 

71.50 71 JO , 71.A0. .7115 to 30 \ ''■» 

7SA6. 7335 * 73 A> 73.10. Aub -66^0- -?56.2St S6M . 

74.10 ”74 '"74J0 - » '73J5. Oct VBL3S ’ S3JSB ■ 

March • '1B.40. 7COO 15AS ■ :75MV Oaf '- v-! 54 M-i 64.3T ■ bTS' 52^ 

M.7K 78-80 . W3V IMS Rh ■ ,SL» 5LSS B.B 62J» 

78.10 78J5 TBJS 77.75 April, 50.55 , B0.85 - 48.75 

■June . : - BZ^O -52J Q 52.30 r 60.80 

MAIZE 


July 



COTTON SOJIOO lbs, eems/Kr 


Hfgh 


May .. 

Jufy 81 AO • 81 AS 

Oct 7BJJ0 7800 

Deer 
Mitch 
May. '-. 78.99 

Jufjr • 77.70 — - — 


'S-JOO humlrr. contx/iW lb Twrtfiid 


76.08 76.7S V76J0 -78^2 _ 

*1^8- .81.59 80.40' * 80.56 ' . - OH> High : [nTTliw 

80.90 81-71 March .. 348-2 3MjS 3%% 

77 M ,77.15 Bflay .. 35>4 353.0 3S0 3600 

76.72 75^6 7625 7522' Juftr • 348.6 : . ;34a« - 34flS SnS 

Tf-M S^pt .- 3192 320.4 awj |J?2 

-7620 Dec... 295.4 - 297.0 . -2B3A- - 2944 
77.10 March 304.4 . 305.0 ^3 

May -, 3070 - 308,0 '3oKg 

PORK BELLIES 38,000 +bS,.ee«tts7g~~~ 
Close ■ •. HkA '• -Low Prev 

6427 - 6427 . 6325 ■ - - 622T7 

M22 66.22 - 8532 

BJ-OS 0725 -26A5 

6S.65; 65.C5 


CRUDE. OH' (LIGHT) • |. 

A2A00 U.S. giBerw. $/bsrreta 


Latest : ffiuh Low • Prev 
April 30-50 ' 30-50 30.00 — March 

May 30-40 3024 30.40 3022 May 

June 30.28 30.54 30J» - 30,42- JUy 

Jufy. 3025 30.48 30.26 30.40 Am 

Aug - ao^q 30.48 3024 3035 Feb 

Sept 3022 aoJB.*. '3035- 3035 March 
Oct . .. -3032 30.32 3032 - 30.39 May 

Nov 30.48 — 3039 July 

30.45 ... — : — 3030 


6432 

65,05 

65.20 63.65 


j-gjr 70 90 . 7KOO. 8890 


Dec 


70.25 . .7035 683* 

5-22 SS 72;io . 70.16 

72,90 72.90 7290 -7090 


GOLD IQfi troy or, S/troy or 


SOYABEANS " 

BJMU.bu-wrtw. cems/60 n> bushel : 


Close ;Mgh . Lew ftxv . . frlnew ~ fflnh - n~ 

Anrif Man ' nrii ’ twTr 7969 -8019 -79aO 798.0 

to? ' - W,a 391-7 SS'i . • w -° ; ' Rlfi-0 802.0 ■ . 807.4 

is? S?5 • S+ ."Sm ' : "SSi . ;'S2H 

■tt .S:.s ^ -g-r 

25? 4M9 : 4199 -'4239 'bp:; ' .goA' i TWA 7400 ^4. 

Si r.gZ:%5:.&2-: S3 

AUP 4473 A473 - M.7 SOYABEAN MEAL W tons. S/toat . 

Oct .Mf.l 4«9 . 4639 J 4«8A . . Qo» Hire, - Lmii- 

Dec j«74.1 473.0 473.0 -47S.4 torch . 2019 . - 90 3009 

" 22S-Z 2 1 - 6 3W-2 ' *113, 



HEATING OlLT^ ^ ' T” 

4ZJW0 BL'S. gallOllSr. cents/U.SL geflons 


AUfl 

J*«v Sept 
7595 Orit- 


209J5 - 211-0 " -208£ >3119 

- ■25-2 1 »■»- M69 

1»9~ - 1989- -IflLOV-: 1999 
. 200-0 2KJ6: . 199.0 2013 1 

9».0 .30221 300.5 - r. 2029 

205-5 • ; • , ■ • ... 


Latest • ffiptr Low 

Aprfl • - 77.40 .78.15 - 7725 

May 76,10 77 JB*. 76,10 -SSLSa- Dec 

■ {«?• . . 7699 . 77.60 78JX) 76^3 Jft* . 

July % .76.79 , 77.40 . 78.75 77.11 March 

Aug -7790 79.16 - 77:75 78.06 — 5 ■ i — 

Sjpt- - 38.86 ' 7990 792S 79.15 SOYABEAN OfL fSqooo-ltra. cenra/g. 

*•8 . 29.60 - 30.00 - aaf a -:2ftas 

Sapt- . 2970 - - S&My-.MJ&rAJMAIl’ 


'feoa;-'. '-u 

ORANGE JUICE IS-.OOOfbi 


f/H» ,• 


. S*. JJtoh. Low Prow ore - 

March . .167.75 . S7J0 579S .8790 Dw 

Msy^ 165JQ' 6790 85.70 8895 3^ - 

Jtfy 16335. 64.70 ..6330 iioQ 

Sept _ 1629B S295 8295 Sles 

Nov. 1W.25 61:00 6090 6090 P"WY " — ;-.v v 

.156.00. 6898 '5890 . 58.00 6 ^°° mhu canta/60 ih^qtfrai ~ % 


.28.70 27.00 ' . 3890 -' 25.60 

»90^ -2690 7 ZS30 U2&57 
35.75' ‘ ae.10 2S.7S - - ‘ffl.78 

g.flO 25.78 : : J2R76£ *.28:70 


***** ...— — _ : 9795 .... 

MOV T573S . — __ n o,, 

' . . May 
Jufy * 


PLATINUM 50 troy or. 5/troy m 

ChHM . Htqh Lew' Prev • Best 
««■? 4033 33 SSvMbS'SS? 

-March 

407-0 408.2 

4153 . 4169 SPOT 


April 

May 

July ,' 

Oct 

Jft« . 

April 

July 


394.0- 

■4113 . 412.5 
4193 420.0 


Ctose High .Usv-fttr 

388.4 ;3803o :*■ - sMaaL-s.'sasM - : 
3840 3S59 Ml i- 34S8 

342A- 344.4 34B3.^-;'94lk6 r : 
3463' - 345 A . “3423 3 4T9 


358.0 '. ' 399.6 >-3569, '^573. 
305.91 : 


4343 '430.0 .mn CBnlsjper. 

4423 S'? % 562^863 '(Se&JJ-TtQ - oen^ 

— 4383 per poumf. - - : - 








/ 



rn3.-?Lr 


s - ■' ’ . ■ ' V T “ ! " s / 


I 












‘•A 


Financial Times Thursday Mardi 22 1984 

CURRENCIES; MONEY and CAPITAL MARKETS 


41 


FOREIGN EXCHANGES 


FINANCIAL FUTURES 


r,\ i; 


ri' V- 


Dollar gives up early gains 


syijig 


m b 


The dollar was falling sharply 
the London foreign exchange 
, . •: market closed yesterday. It began 

'v'--' to slide with the opening of the 
• : York market, and although 

v~ , ^finishing slightly firmer on the 
. -‘.y ..day la London. Ujs. traders soon 

- -v; took theU-S. currency below tts ™ 

’■s ; vpreyions clMlng 1 levels against against the doOa^ta%M 4 
„ ■ I i major - Continental -currencies. - ~ -- 

‘ [London : dealers suggested that 

r, . , Cv c the weakening of the dollar was 
’• ^ encouraged by renewed demand 
i for the D-mark on speculation 
" -•.i'y.about a possible realignment of 
the European Monetary System, 
despite the earlier lack of con- 
fidence, in European, currencies 
following the breakdown Of the 
BEG Summit meeting. In the 
morning sentiment appeared to 
be swinging back In favour of 
the dollar following Tuesday's 
- flash estimate of U.S. first quarter 

! v Gross National Product well 
_' c .^'vabore most market estimates. 

■ * .-aod expectations that today's 
. - fc'uA Mt money supply figure will 
-v show a rise of about $3bo- 

.;V\ r: ' These factors point towards a 
...'^tightening of U.S- monetary 
policy at the Federal Open 
". - c / Market Committee next 

- Monday and Tuesday. 

‘ : -y The dollar rose to DM 2.8475 

_ '.j i from DM 2.8383; FFr 80525 from 

FFr 8.1225; SwFr 2L17BO from 
SwFr 2J.650; and Y226.75 from 
Y22580, but shortly after the 


London dose New York rates for 
the same currencies were: 
DM 2.6335; FFr 8JLI2S; 
SwFr 2J.690; and Y226.40. 

On Bank of England figures 
the dollar’s tradwyelghted Index 
ro se to 127.7 from 127.2. 
STEKUNG — Trading range 
**** dollar In 1983-54 is 
1-6245 -to L3955. February 
average 1A*09. Trade-weighted 
J™*?* 80-5. against 804 at noon, 
88.7 at the opening, 808 at die 
previous dose, and 854 six 
mostfe® ago. 

Sterling opened at $1.4305- 
1.4315, and traded between 
$1.4280 and $1.4375, before 
dosing at $1.4295-14305. a fall 
of 75 points on the day. The 
pound also lost ground against 
most other major currencies, 
falling to DM 3.7875 from 
DU 3.7925; FFr 11.6560 from 


FFr 11.6750; and Y32440 from 
Y325. 

D-MARK — Trading range 
against the dollar In 1983-84 Is 
X842S to £3326. February 
average 2.7000. Trade weighted 
index 1264 against 1254 six 
months ago. 

The dollar rose to DM 2.6568 at 
yesterday's fixing in Frankfurt 
np from DM 2.6354 on Tuesday, 
despite sales of S3L15m at the 
fixing by the Bundesbank. 
Demand for the dollar centred 
on fears of higher U45. interest 
rates while recent disarray 
within the EEC added some 
psychological impact. The latter 
effectively reduced pressure 
within the EMS as the D-mark 
lost ground to other member 
currencies apart from the 
Belgian franc. The French franc 
rose to DM 32.48 per FFr 100 


EMS EUROPEAN CURRENCY UNIT RATES 



ecu 

central 

Currency 
amounte 
against ECU 

% change 
from 
central 

% change 
adfuoted tar 

Divergence 

Belgian Franc 

Danish Krona 

rates 

44.9008 

March 21 
46.7019 

rate 

+1.78 

divergence 

+1.71 

Until % 
±1.5447 

8.14104 

8.17682 

+044 

+037 

±1.8425 

Carman O-Mark 

2J4184 

U9S13 

-OJO 

-0.37 


Franck Franc ... 

84T74G6 

6.88169 

+0.10 

+0.03 

±1.4062 

Dutch Guilder ... 

2.52555 

2.52125 

-0.19 

-036 

-*-1.4864 

Irish Pont UI .„ 

0.72569 

0.730186 

+0.82 

+0.56 

±1.6659 

Italian Ura «... 


1384.12 

—138 

-138 

±4.1505 


from DM 32.44 and the Dutch 
guilder was higher at DM 88.67 
per FI 100 from DM 88.655. The 
Belgian franc Slipped to DM 
4.8890 per BFr 100 from 
DM 4.8920. Elsewhere the Swiss 
franc improved to DM L 22 U. 
from DM 1.21S2. 

BELGIAN FRANC ■— Trading 
range against the dollar In 1983- 
1984 is 57.91 to 45.90. February 
average 5530. Trade-weighted 
Index 90.3 against 90.8 six months 
ago. 

The Belgian National Bank 
spent tile equivalent of 
BFr 10.4ba in support of the 
Belgian franc last week. This was 
down from the previous week’s 
figure of BFr ll- 2 bn and was the 
lowest level of help given in one 
week since the week ending 
February 1. 

At yesterday's fixing the dollar 
rose to BFr 50375 from 
BFr 53.8225 and sterling win 
higher at BFr 77.58 from 
BFr 77.3550. Within the EMS the 
D-mark was also higher at 
BFr 20.4515 from BFr 20.4387) 
as was the French franc at 
BFr 6.64 compared with 
BFr 6.6325. 


£ In New York latest 


March 21 


Ptcv. otoso 


Sudd E1 


CtanflM a<« for ECU. therefore poehhn chansr denotes a 
week eu rrancy. Adjustment calculated by Ftaancwl Timas. 


Soot |8l.43aD4340IB 1.43704385 
1 month KJ-2Q-Q .23 die <0.21 0.Z3 dis 
3 months jO.67-0.71 din 10.660.71 dks 
12 months i 3.15-3.2B dis 1 3. 16-3.24 dis 


* 


£ forward ram ns quoted in 
cants discount. 


U.S. 


THE DOLLAR SPOT AND FORWARD 


THE POUND SPOT AND FORWARD 


Mu* 21 


Day's 

spread 


Cloaa 


Dos month 


% 

gJL 


Three 


% 


March 21 




UKt 1 .4280-1 .4376 1.4295-14305 OJMRetff 
Iralandt 1-1510-1.1570 1.1560-1.1970 0J3-0.1Bc pm 
Canada 1.2760-1-Z78S 1 .2762-1 .2772 aiO-OSSe pm 
Nethlnd. ZSS70-ZM70 24S7D-2.689D 1.15-1 Me pm 
Belgium S4.124t.2B S4.1244.M S-llo (Ha 

Danmark 9J8OO-9720 9.6800-9.6660 1.00-0 .fiOora pm 
W. Got. 2X400-2.6585 2-6470-2-8400 1.13-1.1 Opt pm 
Portugal 13340-13430 133.80-134-30 100-2S0C dis 
Spain 15230-162-76 152-30-152.40 7M0e dis 
Italy 1533-164® 1636-1637 9-SSHrsdis 

Manuay 7AQ60-7A2SD 7.6050-7.6100 1 J0-230en» <JM 
Franca 8.146.19 8.15008.1550 2.10-2.60C dis 

Sweden 7A22S-7.8710 7.8250-7:8300 .lBorapn>-.3&dfa 
Japan 225.75-228^0 22B. 70228^0 0.79-O.77y pm 
Austria 78.62-18.72 13.62-18.63 7.40-8 SOgro pat 

Swta. Z167S-2.1600 £1765-2.1786 1 MA Me pm . . . . 

1 UK and I ml and am quoad in U.S. currency. Forward premiums and 
' -discounts apply to tha U.S. dollar and net to the Individual currency. 

Belgian rata is for convertible francs. Financial franc 5420-56.25. 

OTHER CURRENCIES 


Day's 

spread 


Class 


Om month 


% 

p.a. 


Hires 

months 


-1-89 0-£7-0.72dis -134 

2.13 0.72-0.64 pm LM 
0.70 0. 12-0 .07 pm 0.30 
•4.41 333-333 pm 4.39 

-2.10 28-29 dis -136 
0.93 2J5-1.7E pm 0X2 
6.08 333-33* pm 4J6 
-15.37 300-750dis -16.67 
-8.09 230-28Sdfal -6A9 
-6.78 28-29 dis -3.48 
—333 5.OO-5.50cfie -2.78 
-3.4® 8-9 dis -4.17 
—0.38 OJSO pen-par ail 

4.13 248-2.43 pm AM 
4.87 21-19 pm 4 JOt 
7.10 3.83-3.78 pm 7J» 


U.S. 1.4260-1.4378 1.429&-1.430G O.BMUSc dlS 

Canada 1A220-1A330 1.8246-1.8265 O.IS-O^Sc dis 

Nothlnd. 4J»V4.29’ a 4.Z7-4.2B IV 5 - c pm 

Belgium 77-25-77.80 7I.3S-77.4S 20-30c dis 

Danmark 13.83-13-91 13JM-13JBS 1 V2*iore dis 

Ireland 1JE3SO-1^4M 1J380-1.2390 tL36-0.45p dis 

W. Gar. 3.77V3.B0h 3.78h-3.7»h IV-hpf pm 

Portugal 180JS0-19L60 191JB-191.7S 17O-390C dia 

Spain 217-90-218.7S 217.75^217.96 130-1506 dis 

Italy 2^138-2353 2^38^-2^40^ 14h-16Mkra dis 

Norway 10JS- WWW 10.87-10JV 4V-6ore dis 

Franco 11.84-11.71 11.66-T146 3V4>«c dis 

Sweden 11.18-11 33 11.18h-11.194 1V24ora dis 

Japan 322V32S4 324-325 0 68-O Wy pm 

AurtrHt 2S.6O-2S.B0 28.65-26.70 G4-6haro pm 

Switz. 3.100.13 3.11-3.12 1V14c pm 


2.80 2'r04 pm 
-3.87 7040 dis 
-1.78 GVShdla -1.65 
-3.92 1JZ8- 1.41 dis -404 
3.16 pm 3.03 
—17.55 E20-1175dS -17.70 
-7.70 420-450dls -1 JB 



£250.000 points of 100% 

P-». 

-1.94 

June 

Sept 

Close 
91.14 
90.90 
on no 

High 
91.17 
90.83 
on ki 

Law 

9139 

90-34 

QA OC 

Prav 

91.19 

8036 

OA ,1 

i5 

Dec 

March 

June 

30.89 

90.48 

9032 

SW./U 


zmM.m 8 

90.62 

90^H 


-9.06 47h-4Bhdis 
-6.10 12V13Vd>8 
-4.37 15V17Hdis 
—2.01 BVSUis 
233 2.02-1.92 pm 
2JS 17-m pm 
530 4V3hc pn> 


-823 

-4X 

-5.65 

-1.99 

2.43 

Z.27 

6.14 


Belgian rats la for convertible Irenes. Financial franc BO. 35 -80. 45. 
Six-month forward dollar 1.46-1. 50c die, 12- month 3.15-3.25c efis. 

CURRENCYMOVEMENTS CURRENCY RATES 


an_mTrkets^ 


Mar. 21 



Aqsntina PSso.J 44.64-44.73 
Australia DoKarJ U90SS-1.9048 , 
Brazil awurinOl.WlM-l<B40.77i 
. Finland Marks^J 8^1480-8.1880 
Oreek Dntcbm&i 149.05-149.45 , 

- 

- - KuwaltDlnmr{KD> 0.4&0XM).4S0Btt 
■ Luxembourg FrJ 77JL77AO 
Malaysia DoharJ Afie754U3MO 
Now ZealandDtrJ 2.15202.1560 
SOWS Arab. Rival, 5,0436-6.0485 
Singapore Oo£n 8.99853.0000 
« Stb Afrioanftand] 1.7740-1.7786 
UJUL rnrhanL-! 1 5^680-8^635 


3i.l831jn 
U0510-L0515 
1,279-1 JSBS 
6.7050-5.7070 

204.10-104.40 

7.7090.7.8010 

86.70* 

g^HKJLsens 

54.18-54.14 

2Jt07a.2Jfo9O 

1.6066-1. 5074 

3.62203.5850 

8.0930-8.QS45 

U84Q7-1345B 

S.67203.6730 



8paln_._„., 
Swodsn— . 

Switzerland ' 

United Slater.. 

Yugoalovta J 


Mar. 81 

Starting— — — 1 

UAdoHar 1 

Canadian dollar... 
Austrian sehlUIngJ 
Belgian franc—— 
Donum kroner — 
Deutanhe mark— 

Swiss franc i 

Guilder-. -1 

French flrono-. ...— | 
Lira-... 

Yen—— 


/ *seiiin 0 rates. 


fhsses w sge Wre-wa. 



60.5 

137.7 
88J9 

116.7 
90.3 
79 JJ 

186.6 

140.3 

11B.6 

66.7 

463 

159.1 


Special 

Drawing 

Rights 


10.7360 

157.3380 

10.2536 

2.80382 

3.16338 

6.68133 

NrA 

23B.771 

I6JM162 

161.133 

8.36679 

[230697 

110.260 


0.589313 

0.641539 

1.07583 

15,7366 

45.7019 

8.17682 

8JB3613 

2.52126 

6.88169 

1384.12 

100.609 

8.41500 

188.461 

6.50488 

1.83077 

87.7137 


•CS/SDR rate for March 19: 1 -34396. 


European 
Currency 
Unit 


Z.u ~ 
£ 

t'' . 
a 

«I £ 
\n r. 
■CS- T 
• 

• t 
■j-j 

" t. 

! = 
"J 


EXCHANGE CROSS RATES 


. Mar. 21 

Pound Wiling 

[ UJL Dollar. jDoueob«m:fc| 

Japan— c' Yen 

French Frano 

Swtee Franc 

Dutch Oulld | 

Italian Ura 

0 

s 

f 

Belgian Franc 

Found ateming — - 
(US. Dollar 

ju*n V 

1A30 

. . A. ., 

3.788 
«J MO 

.304.8 . 
886 JB 

11.666 
a 153 

3316- . 
8.176 

4376. . 
2388 

2340. 

1637. 

1.885 

1.277 

77A0 . 
64.13 

Peutaohema/K 
Japanese Yan 1,000 

0JB64 . 

S.Q82 ' . 

■. 0378 . 

4A07 

1. 

U.8T 

86JBB 

WOO. 

wm 

36% 

0802 
0609 j 

1.120 
| 13.17 

617.7 

7210. 

0.482 

6.624 

20.44 

238^ 

French Franc 10 

Swiss Fruna 

. 0368 - 

0381 

1307 

0.459 

8360 

1^16 

*78.4 

104^ 

10. 

3.742 

2.673 

1. | 

i. 3.668 
| 1-372 

• 2007. 

761.0 

1.586 

OBW 

66.41 

24.86 

tiutoh Oulkfor ' . 
Italian Ura 1 000 

; 034+ - 

0.437 

- 0338 ! 

0.611 

. 0886 

. 1.610 

78,01 

188.7 

£.786 

4JMB 

0.720 ! 

1.351 

1. 

1.827 

647.3 

1000 

0427 

0780 

16.11 

33.08 

Canadian Dollar 

Bristol Franc 100 

0548 ! 

1392. 

0.784 
. 1.840 

2JD78 

4j80S 

177,8 I 
.4103 

6388 

16.06 

1.707 

4.006 

i 2.340 | 
1 8.623 1 

UBS. 

3023. 

1. 

8.368 

42A1 

100L 


l EURO-CURRENCY INTEREST RATES (Market dosing rates) 


ch:: 






Mar. 21 

Sterling 

UJL 

Dollar 

feC—ra 3H 

Dutch 

Bulkier 

Swiss 

Franc 

Dffluk 

French 

Franc 

Italian 

Ura 

mm 

Kfl 

Yen 

Danlah 

Kroner 

Wraittarm 

7 days' notice — 

Month - 

Throe months — ... 

mi 

as 

101 b 20 j« 

10 il- 10 to 

off 

iS» 

tu-Bao 

8 t 4 -3 

M 

8 ts -6 
«P«- 6 te 

U- 12 U 

1214 - lain 

lavis 

1414 . 141 s 

16 -lSLi 

l&fis-lSta 

IBig.lBfo 

16-17 

16 N- 161 L 

16 fo.l 71 « 

17 irl 7 i« 

1734 - 181 * 

10 - 101 ] 

12-13 

LSlf-lS 

121,-15 

12 ft,. 12 ta 

isa»-i 27 | 

11 V 1214 
10-1214 
12-12 U 
12-1214 
llls-Ufo 
117 ,- 121 , 

67,-7 

10 - 101 , 

BVlOU 

10 U- 10 S, 

10 - 101 , 

lOV-Zl), 

11 - 111 , 



m&i 


mzsm 

- 


Aslan S Icloobm arias in Singapore): SborMann lOVWs per cant; Sevan da ye 1 0VIDS per eenc one month lOVUPx p or cent; three months lOVKHi per 

cone six months 1V*»-11z» per erne ope year 11 V1 1*3 per cant Long-term turn dollars two years 12-12*. per cant; three yesre 12V12H psr cent; tour years 12V12*. 
par cent: five years m-l2*a per cent nominal dosing raise. Short -ter™ rates era call lor U.5. dollars end Japanese yam two days notice. 


Ijv 


3 ■£ 1 

j*-* !; 
r. T *■ 


MONEY MARKETS 


London rates firmer 


■ y. *}■ 

S-! 

U" 

n> ] 


' l > 


P : ‘ 

& S: 




r-':. >'• 


v 


« ; r 


v . • 
“e 


. ■* 4‘ * 
1 "• l , - 


Interest rates were slightly 
firmer on the London money 
market yesterday In rather ner- 
vous e conditions, reflecting the 
gradually widening differential 
between UA and British in- 
terest rates of late. The recent 
firmer tone to New York rates 
pushed three-month interbank up 
to 8f per cent from 8Ji per cent, 
but discount houses buying rates 
for Treasury and bank bills were 
unchanged, with three-month 
eligible hank bills remaining at 
8f| pier cent 

The Bank of England initially 
forecast a money market short- 

UK clearing banks’ base 
lending rate 81-85 per cent 
(since March 15 and 16) 

age of £360m, unchanged from 
Tuesday, but this was soon 
revised to a shortage of £5Q0m, 
and later in the day to a figure 
of fSSOm. 

Total help provided by the 
authorities was £60Oul Before 
lunch the Bank of England gave 
assistance of £434m by buying 
£13 tm bills outright through £lm 
bonk bills in band 1 (up to 14 
days maturity) at 8A per cent; 
£ 2 im bank bills in band 2 (15-33 
days)' at & per cent; £lm 
Treasury bills in band 3 (34-63 

FT LONDON 
INTERBANK FIXING 


days) at SA Per cent; £8m bank 
bills in band 3 at 8ft per cent; 
£L5m Treasury bills in band- 4 
(64-92 days) at 8# per cent; £6m 
local authority bills in band 4 
at Si per cent; and £81m bank 
bills in band 4 at S| per cent 
Another £353 m bills were pur- 
chased for resale to the' market 
at future dates. Of these £Z62m 
bills will be resold on March 27, 
and £lB7m on March 28, at rates 
of Sft-S t per cent 

MONEY RATES 


In the afternoon the authori- 
ties bought £66m WUs by way of 
£Lm bank bills hi band 1 at 8ft 
per cent; £7m bank bills In band 
2 at 8} per cent; £2m bank bills 
In band 3 at 8ft per emit; ffim 
local authority bills in band 4 
at 8} per cent; and £50m bank 
bills la band 4 at 8} per cent. 
The Bank of England also gave 
late assistance of around £50m- 
Exchequer transactions added 


£235m to market liquidity os a 
result of payment of £455 m in 
block grant to local authorities. 
But this factor was outweighed 
by bills maturing in official 
hands, repayment of late 
assistance, and a take-up of 
Treasury bills from Friday’s bill 
tender of £ 286 m; the unwinding 
of repurchase agreements of 
£13 9m; a rise In the note cir- 
culation of £60m; and bank 
balances below target of £20m. 


Mar. 21 

Frankturt 

Part* 

. Zurich 

Amafdam 

Tokyo 

Milan 

Brussels 

Dublin 

Overnight — — —— — — 

6.00-9.65 

S.7S-6JS6 

6.704^8 

ISte-ilus 

.123,-12^ 

IB 

0-3 

BV31, 

6-614 

61B-814 

SI* 

5i a 

6.40626 

6A0626 

(uniffi 

167,-1714 

17-171* 

1714-1760 

12,0 

12 -JJ 8 * 

12-18* 

12 ^ 8 ^ 

121,-12fe 

I2se-l2i>s 

i8«e-iar-B 

1278-131, 

13-1314 

One month — 

Two months — 

m month* 

6-BR-fi.OO 

6 J6 

Intervention 1 



LONDON MONEY RATES 


Discount Houses Deposit and Bill Rates 



Starling 

Certificate 


Local 





Eligible 

Eligible 

Fine 

Mar. 21 

Interbank 

Authority 

Company 

Market 

Treasury 

Treasury 

Bank 

Bank 

Trade 

1084 

of deposit 


deposits 

Departs 

Deposlte 

(Buy) 

(Sell) 

(Buy) 

(Sell) 

(Buy) 


_ 

7ia-0«4 


81,-844 

7-0 

— 

— 

— 

— 

— 

2 days notion... 

. „ 


89*41, 





“ 

__ 




aB8-8» 

67, 

W4-87, 

86, 

— 


— 

— 

— 


« 

8J*-ar, 

at. 

87,-0 

8S, 

eg 

81b 


8ia 



8*.-&* 

87, 

9 

KS 

»® 

8* 




Three months 
Sbc months — — 

BTa-aS 

Pf 


61 , 

a*4 

9 

8fo 

8® 

IS 


BA 

One year.—. 

0»B-9* 

»A-0fo 

0»4 

*“■ 






~ 


[Local A nth . 
nwootiabla 
bond* 


LpNDON~|NTERBANK FIXING 
ejffi. March 21) 
a months U.S. dolts rm 

bid 10 Bfl 

Offer 10 i/« 

8 months U.S. dollar. 

Md 10 15)18 

offer 11 V IB 


-Tha fixing mas are the nrithnreue 
■tMfc nxnxfod to die nwreat ona- 
•bcuanth. of tho bid and offered raws 
™ SlQn quoted by the market to 
.five tafarance banks at 11 a.m. awsh 
WHtfog day. The banks era National 
Westminster Bank, Bank of Tokyo, 
Deutsche Bank, Banque National* 6a 
rarta and Morgan Guaranty Treat. 


One month..— i 
Two montha— 
Three months-) 
Six months. 

Nine months— 
One year.. 

Two years—. — 
Three years—-] 
Four years— 
Five year*- — 

ECGD Fixed 


gie-9 

014-9 

9U-9 

9* ®ia 
0fo-0ia 


I mail 
Authority 
Deposits 


10 
Ida 
lose 

10fo 

RaM Export Finance Schema 


Finance 

House 

Deposits) 


84* 

l!| 


IDert 

of 

Depoeltai 


BlU-tiLSl 

n0J8-70.«l 

hkAb-KLSHl 

110^-10.9) 

1L3-11.4J 


SDN 

Linked 

Deposits 


Oti-lOft 


ECO 

Linked 

Deposits 


9 **-944 
0!%~®*4 
96e9hf 
0V0» 

10lB-10ft 


IV Average Rets tor Interest 


period February 6 to March 6 1084 (inclusive}: 9373 per cent. Local authorities 
and finance houses seven days' notice, others seven days’ fined. .Finance 
Houses Bore Raws (published by tire Finance Houses Association): 94» par cant 
from Marsh 1 1984. London and Scottish Clearing Bank Rafea for landing 
bCb* par cant. London Deposit Rate for turn* at seven days' notice S.-5** par 
emit. Treasury Bills; Average render raws of discount 8.3*88 par cent. 
Cortlficataa of Tex Deposit (Senna 6). Deposits of Cl 00.000 and ever held under 
ibobHi 9 Mr cent; ona-tiirae months 9 pe f three-sU montha Sh per 
nine wnSa^ par cent: nlrre-IZ montire »» par «nL Under 000,000 
m. par cant frem March 22. Deposits hold under Serin 44 ff* per cent. The rate 
tor ail dopoaita withdrawn for cash 1 par cent 


MONEY RATES 

NEW YORK (Lunchtime) 

Prime rate 11b 

Broker loan rate 10V11 

Fed funds HJS» 

Fed funds at Intervention ... m 


Treasury Bilb 

One month - 

Two month 

Three month 

Six month ........ 

One year 

Treasury Bonds 

Two yaer 

Three year ....... 

Four year — 

Five year .... 

Seven year 

10 year 

30 year 


960 

9-60 

9.79 

9.87 

866 


S9fe 
98*. 
98 *n 

994 

374 

WPn 

«■» 


Quiet trading 


Trading was relatively quiet 
in the Eurodollar sector of the 
London International Financial 
Futures E x ch ange yesterday 
after Tuesday's record volume. 
There appeared to be little 
scope for improvement in values 
while the market remained pre- 
occupied with recent trends In 
U-S. interest rates. 

Despite the lack of any clear 
picture, cash rates were under- 
pinned by a growing conviction 
that the Federal authorities 
would have to tighten credit 
policies in order to control the 
rate of economic growth, under- 
lined by Tuesday's 7.2 per cent 

flash estimate for first quarter 
GNP. At the same time there 
remained a reluctance to run 
short os dollars in view of the 
dollar's past ability to rally 
strongly. 

Consequently Euro-doHar prices 
were confined to a narrow range. 
The June contract opened at 

LONDON 


88.98 down from 89.00 and trhded 
between a high of 89.03 and s 
low o£ 8827 before finishing at 
89.02. 

Gilt prices opened lower, 
reflecting a weaker pound and a 
rather lacklustre performance by 
the U.S. bond market. The June 
price opened at 108-22 and eased 
to a low of 108-21 which attracted 
some support and kept it above 
the 108-20 level. Trading for the 
rest of the day was confined to a 
narrow range and after touching 
a high of 109-00, the June price 
idosed at 108-28, unchanged from 
Tuesday. 

Most of the volume in short 
sterling was seen before lunch as 
values drifted on a firmer cash 
market. Hie lower levels 
attracted small buying however 
and prices recovered to finish 
around the middle of the day’s 
range. The June price opened at 
91.17, down from 91.18 on Tues- 
day and traded between 91.09 and 
9U7 before dosing at 91.14. 


CHICAGO 


THREE-KOWTH EURODOLLAR 
Sim points of 100% 


U.S. TREASURY BONDS 
8% 5100.000 22 nd* of 


(CBT) 

100 % 


Close High Low Prav 
Jim 89.02 89.03 88 St B9J» 

Sept 88.63 88.63 88J57 88.61 

Dec 88.31 88.33 88.27 8830 

March 88A4 — — 88.U 

June 87.77 — — 87.76 

Volume 4.071 (6,304) 

Previous day* open irrt. 1X341 (1X297) 


THtS-MONTN STERLING DEPOSIT 


Volume 1,101 (584) 

Previous day's open int. 7.1 SB (7,0201 


20-YEAR 12% NOTIONAL GILT 
£50.000 32nd* of 100% 


Close High Low Prav 
March 109-25 109-25 109-20 109-19 

June 108-28 10800 108-21 108-28 

Sept 106-09 — — 108-06 

Dec 107-24 — — W7-22 

Match 107-07 — — 107-06 

Volume 1,068 (2.S36) 

Previous day's open mt. 4,948 (4J2S2) 
Basis quota (clean cash price of 13%% 
Treasury 2003 less equivalent pries a 1 
June futures contract) 34 to 44 (32nda) 




»Bl> 

Low 

Prev 

March 

66-31 

67 JM 

86-25 

66-28 

June 

66-11 

66-16 

66-04 

66-07 

Sept 

65-28 

tun 

65-19 

65-22 

Dec 

65-12 

65-15 

65-04 

65-07 

March 

6+30 

86-01 

04-23 

64-26 

June 

64-18 

8+21 

84-18 

04-14 

Sept 

64-05 

84-OS 

64-06 

64-03 

Deo 



” 

(3-20 

U.S. TREASURY 

BILLS 

(IMM) 


Sim points of 100% 



Latest 

ftigh 

Low 

Prow 

March 

83.11 

89.11 

18.10 

88X17 

Juna 

B3.93 

89.35 

89.31 

8923 

Sept 

89M1 

08.62 

89.5S 

89-59 

Dec 

89.35 

88-35 

8934 

8932 

March 


— 


— 

June 

B839 

tuo 

88-29 

tut 

Sept 

88.70 

88.71 

88.70 

88.68 

Dec 

88.53 

8Cl53 

88.53 

88A9 


CERT. DEPOSIT (IHM) 
Sim points of 100% 


STERLING £26-000 S per E 


Close HJWi Low Prev 

Jure 1.4392 1-4305 1.4336 1.4428 

Sept 1.4489 — — 1.4505 

Volume 192 (750) 

Previous day’s open int. 1,979 ItOll) 


DEUTSCHE MARKS 
DM 12SJ100 S per DM 


March 

June 

Sept 

Latest 

89X53 

89.14 

8833 

High 

asre 

88.18 

88.73 

Low 

89.62 

89.12 

8829 

Prav 

89.64 

89.13 

88.69 

THREE-MONTH EURODOLLAR (IMM) 
Sim prams of 100*4. 


Latest 

High 

Low 

nev 

March 

87.68 

87.70 

87^8 

87 JM 

June 

88.70 

88.72 

8589 

88.70 

Sept 

8830 

8830 

8837 

8836 

Dec 

8738 

8728 

87.95 

87.93 

March 



e~m 


June 

87.43 

87.43 


8737 


CONTRACTS AND 

TENDERS 


NOTICE 

INVITING 

TENDER 

FOR ELECTRONIC 
GEAR TESTING 
CENTRE MACHINE 

Sealed Tenders are in- 
vited from reputed firms 
for the supply of Elec- 
tronic Gear Testing 
Centre Machine for In- 
volute Helix Angle Fitch. 
Specification and Tender 
Forms can be obtained 
on written request from 
the following citing Ref. 
No. SW/EE/8305365. 
Director (EDP), 
Supply Wing 
High Commission 
of India 
Aldwych 

London WC2 4NA 

Completed Tender 
Forms are required to 
reach us by 3 pm on 30th 
April 1984. 





HNANOAL options 


Brokers of 
U.S. Haded Options 
in 

Stock Indices 
Bonds 
Currencies 
Gold 

Contact 
Charles Madden 
on 01-488 2424 

TOIXXreON FINANCIAL 
OPTIONS HD., 
International House, 

1 St. Katharine's W&k 

London El 9UJ 

A wholly owned su bsidiar y of 
The hoodoo Investment Thist PIC 



■toeing Lana, 

London EC3H 30K. 
T«L0MH7304. 

M tor mr Am renpfe oqpp 


Art Galleries 


BdOWSC ft BAROV. 10. Cork St, Wl. 
0T-7M79B4. JEFFERY' CAMP. fecccoC 


PROPERTY APPEARS 
EVERY FRIDAY 


iWestLBi 


Clan High Low Prav 

Jtma 0.3823 0J8Z7 0J803 (L3832 

Sapt 0.38)0 — — 03871 

Voluroa 173 (132) 

Pravioua day*a opaa Ira. 620 (S08) 


STSUJNG (IMM) Si par £ 


SWISS FRANCS 
SwFr 125,000 S par SwFr 


Closo Hloh Low Prav 

JWM 0.4676 0.4676 0A656 0.4888 

Sapt 0.4766 — — 0-4768 

Voluroa 16 (16) 

Pravioua day's opan int. 124 (131) 


JAPANESE YEN Y12.Gn S par Yloo 


Closo High Law Prav 

Jim 0.4459 0.4487 04455 0.447? 

Sapt 0.4512 — — 04622 

Volume 2 (72) 

Provtous day's open int. 190 090) 


March 

June 

Sept 

Dec 

March 

Latest 

1.4660 

1.4390 

1.4480 

7.4570 

High 

1A680 

1A400 

1A48S 

U5K 

Low 

1j4620 

14335 

1A410 

1A5ZO 

Proa 

1.4720 

1.4480 

14545 

1-4830 

GNMA (CUT) 8% $100,000 

32nd, of 100% 


March 

Latest 

•MB 

High 

89-13 

Low 

69-06 

^ 

rlOT 

69-07 

June 

ta-is 

68-23 

68-14 

68-17 

Sept 

67-18 

67-25 

67-16 

87-19 

Dsc 

66-27 

67-00 

66-22 

66-29 

March 


ra-ra 

earn 

— w 

June 


_ 

Hi 

66-21 

Sept 

85-06 

65-OS 

85-06 

65-06 

Dee. 

64-25 

64-27 

64-25 

64-2S 


Eurobonds- DM Bonds ■ Schuldscheine 
fordeaiing prices call 

pOsSELPQftF 

Westdeutscfjo Landoabank. Htrnd Offic*. P. O. Box TI2B. 4000 DCesaldort 1 
biunretioral Bond Trading and Placement 1MephonoB26 31 22/8 26 3741 
Telex 8 581 881/8581 882 

London 

Mfestdoutsche lareteabank 41. Moorgafo London EC2R 6AE/UK 
Telephone 638 674J -7M«(887984 

Luxembourg 

West LB International &.A. 32-34. boulevard Grands- Duchessa CJwtotla, 
Luxembourg,Tolepbone447411 -Telex 28 31 

Hong Kong 

Wsstdeatsche landnbank. BA Ibww 3Sdi Floou 12 HNoourt Road, 
HongKong,lWophona 5-8420288 -TUex 75142 HX 

MarkfitmakershDeutschmarkBonds\AfeStl_B 
Wfestdeutscha Landesfaank 




Aitken Hume Holdings pic 


has acquired, through a wholly owned subsidiary, 


National Securities & Research Corporation 


The undersigned acted as financial advisors to 
Aitken Hume Holdings pic and arranged the financing. 


Morgan Grenfell & Co. Morgan Grenfell Incorporated, 

Limited, London New'Vbrk 

Adelaide Athens Bogota Cairo Caracas Edinburgh Frankfurt am Main Geneva 
Grand Cayman Guernsey Jersey Madrid Melbourne Milan Moscow Nairobi 
Paris Quito Santiago Singapore Stockholm Sydney Tokyo 


March 1984 


NOTICE OF REDEMPTION 
lb Holders of 

U.S. $100,000,000 GMAC Overseas Finance 
Corporation, N.V. 

18** Notes Due April 15, 1985 

Notice is hereby given that pursuant to paragraphs 8 and 9 of the Notes and Section 4(c) of 
the Fiscal and Paying Agency Agreement dated as of April 15, 1980 between GMAC 
Overseas Finance Corporation, N.V. (the Company) and Chemical Bank, Fiscal and Paying 
Agent, the Company hereby gives notice of its election to redeem all of its 13*% Notes doe 
April 15, 1985. The date fired for redemption shall be April 15, 1984 and the Notes win be 
redeemed at the price of 101*% of the principal amount thereof together with accrued 
interest to the date fixed for redemption. After April 15, 1984 the Notes will cease to accrue 
interest The Notes will be redeemed upon presentation and surrender with all 

appurtenant coupons, if any, maturing on and after the date fixed for redemption at the 
principal offices of the Fiscal Agent, Chemical Bank, 55 Water Street, Corporate Trust 
Department in New York City or at the principal offices of Chemical Bank. London. Paris, 
Frankfurt Am Mam. Zurich and the principal offices of Banque Generate du Luxembourg 
S.A. in Luxembourg and Banque Bruxelles Lambert SJL in Brussels, Belgium. 


Dated: March 15, 1984 


Chemiesl Rank, Fiactd and Paying Agent 

on behalf of 

GMAC Overseas Finance Corporation, N.V. 
























X'r BM frT,T7>i. *ri: l as b i m < 




ITiii 




Mortgage Rate 






With effect from 22nd March, 1984 
for new borrowers, and 1st May, 1984 for 
existing borrowers, the NatWest Mortgage 
Rate payable under current Mortgage Deeds 
and Conditions of Offer will be decreased by 
3 6% to 10%% p.a. 





FT INTERNATIONAL BOND 




l . r t.n ' dhfl vi 


National Westminster Home Loans Limited 

. . 41 Lothbury, London EC2P 2BP. 


This announcement appears as a matter o( record only 


COMFANMA DO PIPELINE 
MOCAMBIQUE-ZIMBABWE SJLR.L. 


• “ A subsidiary company of Lonrho PLC 


~ ^ 
TERM LOAN 


for refurbishment of die Beira-Femka pipeline 


Arranged and Provided by 

MARINE MIDLAND BANK,**. 



S ep temb e r 191] 






1T«t 

,m 1 Li t ,TmT3BQ0 

f#Si 










"’SwKT' 





Fifty VT: 

Ti ili 




jJMttl 1 1 !-MT t: 


ITT. j 


H r g 


TROY 

For Sale 

3 -y-o filly by TROY 
out of a HABITAT mare 
ENTERED FOR THE CLASSICS 


In training now, fit and ready to go on. 
Enquiries in the first instance to 

01 -836 4628 



a 






raTWi'.S i/ 




COMPANY NOTICE 



GENERAL MOTORS 
CORPORATION 


Further to the DIVIDEND DECLARATION of 21st February. 
1984. NOTICE is now given that the following distribution will 
become payable on and after the 16th March. 1984, against 
presentation to the Depositary (as below) of Claim Forms listing 
Bearer Depositary Receipts. 

GROSS DISTRIBUTION PER UNIT 5.00 CENTS 
LESS 15% VS. WITHHOLDING TAX .75 CENT5 


CONVERTED at $1.4600 
Barclays Bank PLC 
Securities Services Department 
54 Lombard Street. EC3P 3AH 


4-25 CENTS PER UNIT 
2.91096 PENCE PER UNIT 


MOTTICe TO HOLDERS Of 
EUROPEAN DEPOSITARY RECEIPTS 
__ IEOHS) ne 

FUJITSU I4MITKD 


NOTICE K HBREBY GIVEN that nbfet 
to ebireboWws' approval a cash dividend 
wUI be paid to shareholders Of record 


NOTICE IS ALSO GIVEN that • a MM- 
4 ob of the Board of Directors of Fujitsu 
Limited. fiehl on MM February ism. 


Of Shares be made to shareholders la 
I he raOo or o.io share for each 1 common 
share of Y50 each <1 new for each to 
old] as at record date Slit March 1904. 
All MW shares not, aooreeartng 1.000 
shares or a mftlpie thereof will be 
Mid ami die proceeds d I irritated to 
ibareholdais at an amount per share to 




be announced at a later date. 


Furthermore, ft lias hen declared that 
fe d - P N ous. win be traded ee-rtabts and 
»-dirtdend oo the Japanese Mock Ex- 
ctanges with eBect from lath Mwch 1904. 

Crntpa n No. B wHI be used for the 

El k 7 1 Sri 0 L f*W dividend and Coupon 
No 7 wUI.be used for the collection at 


2ik w 

KLEdNWORT. SENS ON LIMITED. 

^London 

22nd March 1984 Depositary 




American Petroleum Production H.V. 

Notice to Shareholders 


A second interim dividend of $15 per share has been declared 
by the Directors of the Company and is payable on 25d> May 1984k 
Payment of the dividend on registered shares will be made in 
dot lads to or to the order of the holders of record on 15th May 
1984. 

Payment of the dividend on bearer shares will be made in 
dollars to or to the order of the holders of record on 15th May 
payee with a bank in New Yoric City against presentation of 


coupon number 3 at the offices of |. Henry Schroder Wage A Co, 
Limited, 120 Cheapside, London EC2V 6DS or J. Henry Schroder 


Limited. 120 Cheapside. London EC2V 6DS or J. Henry Schroder 
Bank & Trust Company, One State Street. New York 10015 or 
Banque Generaie du Luxembourg SA, 14 Rue Aldringen, Luxem- 
bourg. 

American Petroleum Production N.V. 


20th March 1984 


WaridBaek »94. 

Ra. pries ehae 

' 

ZHJ M 99W. -«Vr -0U..E17’ 

gni m 9. oa week -V* — 

-■■v. - , 

Cite tan* 

i Tines Ltd. 1594. 

BepradicdM hi iwfeele 1 w hi pwtkeoy fees 

YEMSTRMBfTS 

Asian Osv He 74% 94 

haaed BU Offer taTteaeSi TMd . 
15 111 IIN B 7 M 

«gptamd' 


• s * f \ - 


Mgb Low UfJ Cang 


Hg}tt Ipw Lsrt Chug 


LEGAL NOTICE 


CIVIL CLAIM FILE MO. 41/83 


In the District Court of 
TEL- AVIV JAFFA 


The Plaintiff 
BERNARD DE VRIES 
by his attorney Adv. H. Groves of 
3 Helsinki Street. Tel Aviv, Israel 
— versus — 

The Defendant 
ARNOLD LIONEL OE VRIES 
of London, England 


Write of Summons 


NOTICE OF RATE OF INTEREST 


CREDIT LYONNAIS 


U .S 430.000,000 Floating Rate Notes due 1967 


In accordance with the previsions of the Interest Determination Agency 
Agreement between Credit Lyonnais and National Bank of Abu Dhabi, 
Peris Brandi, doted es of 29th August, i960, notice ie hereby given 
thee the Ran of Interest has baan fixed at UV per cent, per annum 
end that the Coupon Amount payable on 21 at September. 1984. against 
Coupon No. 8 will be U.S. $282.71 and that auch amount has Oeen 
computed on the actual number of days elapsed (184) divided by 380. 

By: National Bank of Abu Dhabi. Paris Branch 
Reference Agent 

19th March. 1984 


ARNOLD LIONEL DE VRIES 
Whereas Bernard de Vries has brought 
an action against you in the District 
Court of Tai-Avrv Jaffa, as particu- 
larised in the Statement of Claim, 
which wi served on you prior to 
the date hereof, you era hereby sum- 
moned to serve e Statement of Defence 
within 80 days of the date of service 
of this writ upon you. 

if you do not do so. the Plaintiff 
will have the right to obtain a judgment 
in your absence. 

CLERK OF THE COURT 


14% 14 1«% +* 

IS 171, t7ft -% 
13* 13 UP, +1 


3 7% 7% 
8* 6* 


119 37% 37% 37* +! 

R S S 


Boats 2 
RodEcor 


Somfd 
Scwrpi .10 
3owan . ISO 
SpcMc - 
3p«A 
Sped s 
Euecca JOB 
Saffikf 30 
sunup 190 
SWMc s 
Samdn a 
StawGp .15b 
SMbw. 
ScaflSrv 
Snus 

SkawO 190 

**bidi tir • 

SVjKHf 

SUonH 95 . 
Stibmi 1B4. 
Sunaa 
SunH SS» 
Sur3. a 
SmSfcy - 
&qa6| .. . . 
Swim s -• 

Sykas 



KINGDOM OF NORWAY US$25,000,000 
SViVq 20 YEAR EXTERNAL LOAN OF 1964 


HAMBROS BANK LIMITED hereby she* notice that la acccrd«>ce«Mi the terra and eooditiom of 
the above Low the Gal redanjxioo dee Ulb M*r 1584 vffl be effected by the drawing at pot of afl 
outftawUeg bonds. 

The dram bonds 'mar be presetted to HAMBROS BANK LIMITED, 41 Bn h o p^ai e . Leedoe 
EC2P2AA or to the other Paying Agsux named on the bead*. 

For payment in Loodoo, bond, wifi be noetad an eay fawacsi day aad mod be kftfhne deer days 
lor ewmatioa. 

Thr Ibttoatas boo* from pmSoos drawing, we Mill ooutandh« for payment 


TAKE THE PROFIT 


ON YOUR NEW CAR 
INVESTMENT BUY VIA 
MYCAR 0875 71831/2 
Painless import. You take the profit 
We do the work 


MYCAR 


BONDS DRAWN 13 th MAY 1982 


171, 171, 
tPt 18 
Ipl 
«5i ril 


Sjncor - .’. 
an*** 
Syntax 
Syscon 2* 
Syftaoc- .— 
Syattt ’ 
SyxrGo « 
S t ems s Bit 
SCT Cp . . 


29% 28 . 29V +ft 

a ■ a a ■ 

3S*: 32% 32%. * 

3ft : J ft 3ft ~V’ 

He «ft 

18% «S* Wft-Hr 

5 S5 ^ 

4«, 4b +12 

2fl, a* zu, +% 
7%, 7k; 7ft . -ft 
.Rft -W -W ' +% 
W Mi 9h- Jr 
131*.. .13% 13^ 

11 .uni .11 ; 

69 I, 89. flBV 

SB 271, SB . 

6 • . S*- 6 -.v’-+V '■ 

771, 79^ 77V +V 

a, - 5 '&: - - —v - 

H, 6V 8V . .-V 

• asv; as* 28 %. +\ 

12 .11 11 . ■ -V ■ 

TV R, 7 ,+v 

3V 3V -3V . . 

9 «V 9 • 

M 131, 14 . +V 

-JR* IGij^7J*- •• 

13 12V 12V 
.9 9V 9 ; . 

1 ®* tsv isv -V 

25V a«V.B«V ,-V ■ 


■ aw, i9v aft -v 

. 191, 17* «. “V 
Hi BV .^8V +V 
7V 7 TV ~ +V 
17V ,-^V 17V . 
«V“ 7V «, +V 
,15ft ..Wt rav 

*r- 25 25 

Hi . . A '• 

2^ 22% 22V +V 

24% 23 21ft 4-1! 
;.ft Hi- 4V '. . 

.14%. 18% .14% >ft 

llft-Hft'10S' 

. 38% ;3# . 39 •- +v 


13 - - 1» 12% 

27% -27% 27% , -ft 
4ft -4ft -4ft-' 

IL gt-ft 

12ft- 12- Utft- 
Sft > • S rft. 


-MV 13% 

59% sn* 


14ft 14 
13% 12% 


11 % 10 % 
19 16ft 


8V 7% 
18% 1BV 


18V 1«V 
8% 9% 


HAMBROS BANK LIMITED 
22nd March 1684 




.til ■,r.;7i | i.Tv 


109 
1689 

307 

anrey .16 108 

snensn 61 

SfcaG S 90 

489 
SI 
172 
403 
40 
205 
40 

t 132 

Soper 1 99 S9 

SkwiTc 2 

Hnm. -WW 

Sodaty lTO 79 

Santis a 


■a ^ 

9% 9% 

14% 14% 
.26% 2Sft 
IB 17ft 
23% 23% 
15 14ft 
J3ft. 13% 
W, 18% 
22ft 21% 
13% «ft 


TOC.' 

TacVW s .- . . 
Tm* ■ s m 
Tandem. 1 
Taidn a. 

TcCora - 

Ibid s 1 
Tent's . 
Tdecra 29 
Tdenfct •. 

t53T , 

Teams r •: 
Titan. - m* 
TndrLr 
TarrrC s . 
Tffidan 
Tm#tt- t. . 
.Teen .. 

Tia» 25* 
ThatM- 
IfadHat 162 
ihonac 
-TbouTT 
TinA - 

ibwy 1 ' 

Toeom 

Trdrtu ' 
IWtfx : 
TtbdSy 

Ttt&k) :.X; 
TBkSl 8. .80 
TuesDr • 
TonCty 


-T-T 

3981 ... Mft 


.11 Bft 
1136 50% 
1723 33% 


2925 14 

57. Hft 


509 17% 

1504 9% 


727 14% 

net . 22% 


-102 -9% 

48 7 . 


-10- 12% 
112 5% 


.941 -4 - 

as is 

« -- 11% 

S ; .36% 
226 5ft 
«' . 21% 


9 «7.. +ft 

■ ft 8ft -ft. 

so soft 

33%-33ft -ft 
«ft 13ft -ft 

w% wi ;. +% 

17 V •' 

■WV «ft . +% 
MftUft -ft 
21V -21V r% 

s - 5 *. 

8V 7 4.^.. 

.12 12ft ‘+ft 

Si ** +? 

27V 29 +1% 

3V. 3%. -ft. 
ISft »&, .+% 
11% . 11%. .. . 
asv-aav. , 


■ v-v 

1136 - ."13ft 
■■238 ~T3ft 
118- - 8% 
41 14%- 


na, iz -ift 

13 15% +% 

B 8ft.. +% 


JO 23ft- 
T77-\32%, 


176 « 

747 a. 


23ft 23ft. 
32ft_22%. 
14ft 14ft 


5-.. ^ 

WB9 1% 
175 ; 6ft 
S3 12% 
■3*1 12ft- 


Z^rtS, 

vm 


■9 . a 

179 20 


“41% T2 ". 
41ft-t2 : +%- 

w,;w%.; . 


wank s - • 
Webbs 4B'\ 
WnCasS 2.84 


-a- Vi: -ft 

17 T7V 4m 
>ft 

■w 

-v 


"140 -.9%. 

a. 


5% aft i 


130. 1% 

307 14ft 


28ft 

*25 26% 


9 SV -+I, 
2ft 2ft . 

134 rav -% 

ift tft . 

14 14 

29%.*% .. 


toil 

Sft +V 


8% +V 
8ft +ft 


ms ■ 

u my" . jobs 

sr . 

IMcts . 
UnPbW 90 


ir-u 

.28 15 

216 16 
2 *a 13% 

83- 15 

385 4 

77 23 


W 7 

15ft 18 ;+v 

Wj 13% -ft 
MV 14% . .. 
3% .4 -- ri-ft 


12% . 12 , jar. 


. Jt 


23ft 22% -ft 






1^0